The websites of two non -adjustable trading platforms, Octa () and XM () will be blocked in Singapore as they have been decided to violate the 2001 (SFA) law.
Singapore Police (SPF) have received information that the services offered by Octa and XM included Forex on the basis, basic products, indicators and shares. Police investigations have revealed that both Octa and XM have offered and traded their services to Singapore clients without licenses, which violate SFA.
According to Article 82 of the SFA, it requires a License for Capital Markets for an entity to carry out activities in the regulated activity of Capital Markets products, which include currency titles and leverage.
The Octa platform operates from two entities, Octa Markets Ltd and Uni Fin Invest, which are supposed to be incorporated into the Comoros and Mauritius Union respectively.
The XM platform is operated by XM Global Limited, which is supposed to be integrated into the Belize.
These entities – Octa Markets Ltd, Uni Fin Invest or XM Global Limited do not possess the required license. Therefore, such a business are forced to continue. This prohibition extends to entities that operate outside Singapore, when entities demand or advertise products or services that are targeted at individuals or if there is a significant number of Singlers using foreign entity products or services.
Site information is forbidden in the context of the Internet Practice Code. Therefore, access to both transaction platform websites will be excluded for Singapore residents from June 20, 2025 and consumers with active accounts with Octa and XM will not be able to access their websites through Singapore Internet service providers.
SPF and the Singapore (MAS) monetary authority are strongly encouraging public members to deal only with regulated trading platforms in online trade with valid capital market licenses listed in the MAS financial institutions list. The most unjust internet trading platforms are outside Singapore and create a greater risk of fraud, as the reliability of their activities cannot be easily verified.
In addition to the risk of the risk of financial loss, public members may face challenges in the exercise of claims against abroad. Online trading platforms may also require payment to make transactions using credit or debit cards, which raises a further risk of unauthorized card transactions.