• 06 Jun, 2025
• FAITH MIMDOO KEGH
• No comment

Singapore to Block Access to Unlicensed Trading Platforms Octa and XM Starting June 20.

Starting June 20, Singapore-based internet users will no longer be able to access the websites of Octa and XM, two online trading platforms operating without the required licenses. This action comes as

part of a joint effort by the   Monetary Authority of Singapore (MAS) and the Singapore Police Force to crack down on unregulated financial services.

The authorities explained that both platforms have been offering services such as leveraged foreign exchange trading, commodities, indices, and equities to Singapore customers without approval under the Securities and Futures Act (SFA). These activities require a Capital Markets Services Licence, which neither Octa nor XM possesses.

According to MAS, the operators behind these platforms are based overseas:

   Octa is reportedly managed by Octa Markets and Uni Fin Invest, incorporated in the Union of Comoros and Mauritius, respectively.
XM is run by XM Global, which is said to be incorporated in Belize.

The MAS emphasized that entities without the necessary license are prohibited from conducting regulated trading services within Singapore, regardless of their physical location. This includes cases where foreign platforms target Singapore users or where a significant number of local residents use their services.

Authorities have warned the public about the high risks associated with unregulated online trading platforms, most of which are based outside Singapore. These platforms often lack transparency, making it difficult to verify their legitimacy and increasing the risk of fraud.

Furthermore, users of such platforms may face serious challenges in seeking redress in the event of disputes or losses, especially when operators are located overseas. Another concern is the potential for unauthorized credit or debit card transactions, as some platforms require payments to be made this way.

MAS and the police are urging the public to only engage with licensed trading platforms, which are listed in the MAS Financial Institutions Directory.

FAITH MIMDOO KEGH

Manager – Oversees the daily operations, editorial planning, and strategic direction of the platform. A graduate with a solid academic foundation in media and communication, Faith brings a wealth of experience to the TokinPoint.

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