PANews reported on June 7 that according to the South China Morning Post, the Monetary Authority of Singapore (MAS) and the police plan to block the websites of unlicensed trading platforms Octa and XM starting from June 20, after which users will be unable to log in through Singapore internet service providers.
In a joint statement, the Monetary Authority of Singapore and the police pointed out that the two platforms have been providing and promoting trading services to local residents without obtaining permits and qualifications, such as leveraged forex trading, commodities, indices, and stocks, which violates the Securities and Futures Act of 2001. The platforms also have cryptocurrency trading businesses. Most unregulated online trading platforms are located overseas, making their operational credibility difficult to verify and posing extremely high fraud risks. It is understood that Octa is operated by Octa Markets and UNI Fin Invest, while XM is operated by XM Global.
