Singapore will block access to the websites of Octa and XM from 20 June 2025, after the authorities found both platforms to be operating in breach of the Securities and Futures Act 2001 (SFA).
The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) said the two platforms were offering leveraged foreign exchange trading, commodities, indices, and equities to customers in Singapore without the required licences.
Investigations revealed that both Octa and XM had marketed their services locally despite not holding a capital markets services licence.
Under the SFA, entities dealing in capital markets products must be licensed, even if they operate from overseas, if their services are targeted at Singapore residents or used by a significant number of them.
Octa is operated by Octa Markets Ltd and Uni Fin Invest, reportedly incorporated in the Union of Comoros and Mauritius.
XM is operated by XM Global Limited, which is said to be incorporated in Belize. None of these entities are licensed by MAS.
The websites have been deemed to contain prohibited content under the Internet Code of Practice and will be blocked by local internet service providers.
Singapore-based users with active accounts on these platforms will no longer be able to access their websites.
Authorities advised the public to trade only with platforms listed in MAS’ Financial Institutions Directory.
They warned that unregulated platforms carry higher risks of fraud and financial loss, particularly as such operators are often based overseas, making legal recourse difficult.
The use of credit or debit cards on such platforms may also expose users to unauthorised transactions.
SPF and MAS said they will continue to take action against unlicensed online trading platforms targeting Singapore residents.
Featured image: Edited by Fintech News Singapore, based on images by Crop3d and user21016237 via Freepik
