🇸🇬 Singapore to Block Access to Unlicensed Trading Platforms Octa and XM by June 20
According to PANews, Singapore’s Monetary Authority (MAS) and local police will block access to unlicensed trading platforms Octa and XM beginning June 20. Users in Singapore will no longer be able to access these platforms via local internet service providers.
In a joint statement, MAS and the police warned that both Octa and XM have been illegally offering trading services to Singapore residents. These services include leveraged forex, commodities, indices, stocks, and cryptocurrency trading—without proper licenses, breaching the Securities and Futures Act of 2001.
The authorities emphasized the risks associated with unregulated platforms, most of which operate from overseas. Such setups make it difficult to verify their credibility and increase the chances of fraud. Octa is managed by Octa Markets and Uni Fin Invest, while XM operates under XM Global.
⚠️ Singapore continues to crack down on unlicensed financial activity to protect investors and uphold regulatory integrity.
Create an image showing a computer screen with a "Blocked Access" sign over the logos of Octa and XM, with a backdrop of the Singapore city skyline and symbols of regulatory enforcement like a gavel or shield. Add a "June 20" warning date to highlight the urgency.
