简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:OctaFX and XM will be blocked in Singapore for offering unlicensed trading services, breaching local regulations. Access will be restricted from June 2025.
Singapore has announced that the websites of two unregulated trading platforms, OctaFX and XM, will be blocked starting June 20, 2025. This decision comes after investigations by the Singapore Police Force (SPF) revealed that both platforms have been offering financial services to Singaporean residents without the necessary licenses, in direct violation of the Securities and Futures Act 2001 (SFA).
Both OctaFX and XM are popular online trading platforms that offer services such as Forex trading, commodities, indices, and equities. However, their failure to comply with Singapores stringent financial regulations has now led to their inclusion in the list of prohibited entities in the country.
Under the SFA, any entity conducting regulated activities in Singapore, such as dealing in capital market products or offering leveraged foreign exchange trading, must possess a valid capital markets services license issued by the Monetary Authority of Singapore (MAS). However, OctaFX and XM have been found to be operating in breach of these regulations, as they have been marketing and offering their services to Singaporeans without the necessary licensing.
According to the SPF, OctaFX operates under two entities, Octa Markets Ltd and Uni Fin Invest, which are purportedly based in the Union of Comoros and Mauritius, respectively. Similarly, XM operates under XM Global Limited, which claims to be incorporated in Belize. However, none of these companies hold a capital markets services license issued by the MAS, meaning they are prohibited from offering financial services to individuals in Singapore.
From June 20, 2025, Singaporean traders will no longer be able to access the websites of OctaFX and XM through local Internet Service Providers (ISPs). This will effectively block Singaporean residents from engaging with these platforms unless they use virtual private networks (VPNs) or other workarounds. Those who currently have active accounts with OctaFX and XM will also be unable to access their trading accounts via Singapore-based ISPs, adding an extra layer of inconvenience for users in the region.
The Singaporean authorities have been clear that this action is part of their broader effort to ensure that all trading platforms comply with local financial regulations. The country has long been recognized for its robust regulatory environment, and this move reaffirms its commitment to maintaining a secure and transparent financial ecosystem.
One of the primary concerns with unregulated trading platforms like OctaFX and XM is the potential for fraud and financial loss. Without the oversight of regulatory bodies such as the MAS, these platforms pose significant risks to investors. Many unregulated platforms operate from jurisdictions where the credibility of their operations cannot be easily verified, which increases the likelihood of fraud.
Additionally, trading on unregulated platforms can lead to challenges for traders who wish to pursue claims against these platforms. As most of these entities operate overseas, legal recourse becomes more difficult and costly. Furthermore, many such platforms require users to make payments for trades via credit or debit cards, which increases the risk of unauthorized transactions.
The SPF and MAS have issued a joint advisory urging members of the public to exercise caution when engaging with online trading platforms. They strongly recommend that traders only deal with platforms that are regulated and listed in the MAS Financial Institutions Directory. This list includes firms that have been granted the necessary licenses to operate legally within Singapore.
Regulated platforms are more likely to offer secure and reliable services since they are bound by the countrys financial regulations. Moreover, traders using licensed platforms are better protected against fraud and other financial risks. As part of the advisory, the authorities also emphasized that individuals who have been using unregulated platforms like OctaFX and XM should review their accounts and consider switching to legitimate, licensed alternatives.
The decision to block the websites of OctaFX and XM marks a significant step in Singapore's efforts to protect its residents from unregulated financial services. This move serves as a reminder for traders to ensure that the platforms they use comply with local laws and regulations. By adhering to the guidelines set by the MAS, traders can safeguard themselves from potential risks and ensure that their investments are protected in a secure and regulated environment. As Singapore continues to be a global hub for financial services, maintaining a safe trading space for its residents remains a top priority.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The Reserve Bank of India (RBI) has added a fresh list of 13 unauthorised forex trading platforms, taking the overall number to 88. Read on to know the fresh list.
Did you know you can be made to pay a penalty worth up to INR 2 lakh by initiating forex trade through unauthorized brokers? Read this guide to know everything about it.
Discover if Vantage Markets is a trustworthy broker or potential scam. Explore its global regulations, operational details, and ratings in this in-depth review as of June 10, 2025. Make informed trading decisions!
Think your broker is safe? Discover why AMarkets, an unregulated firm from a high-risk offshore haven, could be putting your money at risk.