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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.