Singapore to block Octa and XM trading platforms for unlicensed activities, violating the Securities and Futures Act 2001.
Singapore to block Octa and XM trading platforms for unlicensed activities, violating the Securities and Futures Act 2001.
Singapore authorities will block access to the websites of Octa and XM starting 20 June 2025, after investigations found both platforms in breach of the Securities and Futures Act 2001 (SFA). The Singapore Police Force (SPF) confirmed that these trading platforms offered leveraged foreign exchange, commodities, indices, and equities trading to Singapore-based customers who do not hold the necessary capital markets services licence.
Under Section 82 of the SFA, such a licence is mandatory for entities conducting regulated trading activities. Police investigators revealed that both Octa and XM actively marketed their services in Singapore and engaged local users without licenses. Octa is operated by Octa Markets Ltd and Uni Fin Invest, incorporated in the Union of Comoros and Mauritius, respectively.
XM Global Limited, registered in Belize, operates the XM platform. Authorities emphasized that none of these companies hold a valid licence to operate in Singapore. Because these services target Singapore residents and attract a significant local user base, regulators have taken decisive action.
The websites of both Octa and XM have been classified as containing prohibited content under the Internet Code of Practice, prompting the decision to block access through all Internet Access Service Providers in Singapore. As a result, users with active accounts on these platforms will lose access to their websites if they are browsing from within Singapore.
The Monetary Authority of Singapore (MAS) and the SPF urge consumers to choose only regulated platforms listed in the MAS’ Financial Institutions Directory. “Using unlicensed platforms increases the risk of fraud and may lead to difficulties in recovering lost funds,” warned the authorities.
Furthermore, the authorities cautioned that unregulated platforms often require credit or debit card payments, which could expose users to unauthorised transactions. With enforcement measures now underway, Singapore continues to reinforce its commitment to protecting retail investors from financial harm and ensuring compliance with regulatory standards.
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