On June 7, news came that the Monetary Authority of Singapore, in conjunction with the police, plans to block the websites of unlicensed trading platforms Octa and XM starting from June 20. After the blocking is effective, users will not be able to log in through Singapore internet service providers.
In a joint statement, the Monetary Authority of Singapore (MAS) and the police pointed out that the two platforms violated the Securities and Futures Act 2001 by providing and promoting trading services, such as leveraged foreign exchange trading, commodities, indices and stocks, to local residents without obtaining licenses and qualifications. Octa is reported to be operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
8 Likes
Reward
8
4
Share
Comment
0/400
BlockchainFoodie
· 7h ago
Cooking up transparency like a blockchain recipe!
Reply0
CryptoNomics
· 12h ago
Regulatory arbitrage 101.
Reply0
NftCollectors
· 12h ago
Regulation is ultimately difficult to stop the tide of change.
The Monetary Authority of Singapore will block unlicensed platforms Octa and XM websites, and users will not be able to log in.
On June 7, news came that the Monetary Authority of Singapore, in conjunction with the police, plans to block the websites of unlicensed trading platforms Octa and XM starting from June 20. After the blocking is effective, users will not be able to log in through Singapore internet service providers.
In a joint statement, the Monetary Authority of Singapore (MAS) and the police pointed out that the two platforms violated the Securities and Futures Act 2001 by providing and promoting trading services, such as leveraged foreign exchange trading, commodities, indices and stocks, to local residents without obtaining licenses and qualifications. Octa is reported to be operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global.