According to the South China Morning Post, Techub News reports that the Monetary Authority of Singapore (MAS) and the police plan to block the unlicensed trading platforms Octa and XM starting from June 20, with users unable to access these sites through Singapore internet service providers after the blockade takes effect.
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 proper licenses and qualifications, including leveraged forex trading, commodities, indices, and stocks, which violates the Securities and Futures Act of 2001. The platforms also engage in cryptocurrency trading, and most unregulated online trading platforms are located overseas, making their operational credibility difficult to verify and posing extremely high fraud risks.
