Singapore Police to Block Websites of 2 Unregulated Trading Platforms (Octa & XM) Providing Trading Services Including on Foreign Exchange, Commodities, Indices & Equities in Singapore Breaching Securities & Futures Act 2001 (SFA)
8th June | Hong Kong
Singapore Police Force (SPF) has announced to block websites of 2 unregulated trading platforms (Octa & XM) providing trading services including on foreign exchange, commodities, indices & equities in Singapore, breaching the Securities & Futures Act 2001 (SFA). Announcement (6/6/25): “The websites of two unregulated trading platforms, Octa (https://www.octafx.com) and XM (https://www.xm.com) will be blocked, as they have been determined to be in breach of the Securities and Futures Act 2001 (SFA). The SPF have received information that the services offered by Octa and XM included trading in foreign exchange on a leveraged basis, commodities, indices and equities. Police investigations have revealed that both Octa and XM offered and marketed their services to customers in Singapore without licences, which is in breach of the SFA. Under Section 82 of the SFA, a capital markets services licence is required for an entity to carry on business in the regulated activity of dealing in capital markets products, which include securities and leveraged foreign exchange trading. The Octa platform is operated by two entities, Octa Markets Ltd and Uni Fin Invest, purportedly incorporated in the Union of Comoros and Mauritius respectively. The XM platform is operated by XM Global Limited, which is purportedly incorporated in Belize. These entities – Octa Markets Ltd, Uni Fin Invest or XM Global Limited do not hold the requisite licence. As such, they are prohibited from carrying on such a business. This prohibition extends to entities operating outside Singapore, when the entities solicit or advertise products or services that are targeted at Singapore persons, or if there is a substantial number of Singaporeans using a foreign entity’s products or services. The information on the websites constitutes prohibited content under the Internet Code of Practice. As such, access to both trading platforms’ websites will be blocked for Singapore residents with effect from 20 June 2025 and consumers with active accounts with Octa and XM will not be able to access their websites through Internet Access Service Providers based in Singapore. The SPF and MAS strongly encourage members of the public to deal only with regulated online trading platforms with valid capital markets services licenses, which are listed on MAS’ Financial Institutions Directory. Most unregulated online trading platforms are located outside Singapore and pose a greater risk of fraud since the credibility of their operations cannot be easily verified. In addition to being subject to the risk of financial loss, members of the public may face challenges in pursuing claims against operators based overseas. Online trading platforms may also require payment for trades to be made using credit or debit cards, which gives rise to a further risk of unauthorised card transactions. The SPF will continue to work with MAS to block access to unregulated overseas online trading platforms … … What are unregulated online trading platforms? MAS requires online trading platforms that offer products and services that are regulated under the Securities and Futures Act to be licensed. These products include shares, debentures, leveraged foreign exchange trading, futures and exchange-traded funds. Trading platforms that are licensed by MAS are subject to regulatory safeguards such as disclosure requirements on investment products that are offered to consumers. Regulated platforms are also subject to conduct rules, to ensure that they deal fairly with their customers. Such safeguards protect investors’ monies and assets when they are dealing with financial institutions. Some online trading platforms are operated by entities which are neither licensed nor regulated by MAS. These unregulated platforms engage consumers via online advertisements, unsolicited phone calls, emails or messaging apps. In some instances, events or seminars are conducted to promote the platforms. New customers are offered attractive sign-on bonuses to open and fund trading accounts on the platforms. Existing customers are also offered commission to entice new customers to trade on the platforms.”
“ Singapore Police to Block Websites of 2 Unregulated Trading Platforms (Octa & XM) Providing Trading Services Including on Foreign Exchange, Commodities, Indices & Equities in Singapore Breaching Securities & Futures Act 2001 (SFA) “
Singapore Police to Block 2 Websites of 2 Unregulated Trading Platforms (Octa & XM) Providing Trading Services Including on Foreign Exchange, Commodities, Indices & Equities in Singapore Breaching Securities & Futures Act 2001 (SFA)
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