The Monetary Authority of Singapore and the police plan to block the websites of unlicensed trading platforms Octa and XM from June 20

Mars Financial News: The Monetary Authority of Singapore (MAS) and the police plan to block the websites of unlicensed trading platforms Octa and XM starting from June 20, after which users will be unable to access them through Singapore internet service providers. In a joint statement, MAS and the police noted that both platforms were providing and promoting trading services to local residents without obtaining proper licenses and qualifications, including leveraged forex trading, commodities, indices, and stocks, which violates the Securities and Futures Act of 2001. The platforms also engage in cryptocurrency trading, and most unregulated online trading platforms are located overseas, making their operational credibility difficult to verify and posing extremely high fraud risks. It is reported that Octa is operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global. (South China Morning Post)