PAnews June 7 news, according to South China Morning Post, the Monetary Authority of Singapore in conjunction with the police plans to block the websites of unlicensed trading platforms Octa and XM starting June 20. After the block is effective, users will not be able to access them through Singapore internet service providers.
The Monetary Authority of Singapore and the police stated in a joint announcement that the two platforms provide and promote trading services such as leveraged forex trading, commodities, indices, and stocks to local residents without obtaining the necessary licenses and qualifications, violating the Securities and Futures Act of 2001. The two platforms also engage in cryptocurrency trading activities, and most unregulated online trading platforms are based overseas, making their operational credibility difficult to verify and posing a high risk of fraud. It is reported that Octa is operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global.