If you use TikTok often, you’d have come across some TikTokers promoting Octa, a trading platform.
Well, if you’ve used it, do read on.
OCTA and XM Face Singapore Block Over License Violations
Singapore authorities announced the blocking of two overseas online trading platforms on Friday (6 Jun). The Singapore Police Force and Monetary Authority of Singapore issued a joint statement targeting Octa and XM for regulatory breaches.
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Both platforms offered services to Singapore customers without proper licensing. These services included leveraged foreign exchange trading, commodities, indices and equities trading. The platforms violated the Securities and Futures Act by operating without capital markets services licenses.
Access to both platforms will cease on 20 Jun 2025. Singapore residents will no longer reach these websites through local Internet Access Service Providers. Consumers with existing accounts on Octa and XM face complete access restrictions.
Investigations showed both platforms actively marketed their services to Singapore customers. Octa operates through two entities: Octa Markets and Uni Fin Invest. These companies claim registration in the Union of Comoros and Mauritius respectively.
XM runs through XM Global Limited, reportedly incorporated in Belize. None of these overseas entities hold Singapore licenses for dealing in capital markets products.
Regulatory Crackdown Targets Overseas Financial Services
Singapore’s financial regulations extend beyond local companies. The prohibition covers overseas entities that solicit or advertise to Singapore residents. Companies with substantial numbers of Singaporean users also fall under these restrictions.
The platforms’ website information violates the Internet Code of Practice. This classification justifies the complete access block for Singapore users starting 20 Jun.
Authorities warned about risks associated with unregulated overseas trading platforms. These platforms pose higher fraud risks because their operations cannot be easily verified. Limited recourse exists for consumers during disputes with such platforms.
Payment methods on these platforms create additional risks. Many require credit or debit card payments for trades, increasing chances of unauthorised card transactions.
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The police and MAS directed the public toward licensed platforms only. Singapore’s Financial Institutions Directory lists all approved trading platforms with valid capital markets services licenses.
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