According to Odaily Planet Daily, the Monetary Authority of Singapore (MAS) and the police plan to block the websites of unlicensed trading platforms Octa and XM starting June 20. After the block is in effect, users will not be able to access these websites through Singapore internet service providers.
The MAS and the police stated that the two platforms provided trading services to local residents without obtaining a license, violating the Securities and Futures Act of 2001. The two platforms are also involved in cryptocurrency trading activities, and their operational credibility is difficult to verify, posing a high risk of fraud. Octa is operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global.