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

Singapore's Monetary Authority and police plan to block the websites of unlicensed trading platforms Octa and XM starting June 20, preventing users from accessing them through local internet service providers. In a joint statement, the authorities noted that both platforms were offering and promoting trading services such as leveraged forex, commodities, indices, and stocks to local residents without obtaining proper licenses and qualifications, which violates the 2001 Securities and Futures Act. 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)