Singapore to Block Octa, XM Trading Platforms

Singapore blocks Octa and XM trading platforms on 20 June 2025 for operating without licenses under the Securities Act.

Singapore will block the websites of two overseas trading platforms, Octa and XM, from 20 June 2025 after finding they violated the Securities and Futures Act 2001 (SFA) by operating without the required licences.

According to the Singapore Police Force (SPF), both platforms offered and marketed a range of trading services to Singapore residents, including leveraged foreign exchange (Forex) trading, commodities, indices, and equities — all regulated activities under Singapore law. Investigations revealed that neither platform holds a valid capital markets services (CMS) licence, which is mandatory under Section 82 of the SFA for entities dealing in capital markets products.

Octa operates through Octa Markets Ltd and Uni Fin Invest, reportedly incorporated in the Union of Comoros and Mauritius. XM Global Limited, which is purportedly incorporated in Belize, runs XM. Despite their offshore registrations, both platforms have actively solicited and served customers in Singapore, prompting regulatory action.

Singapore to Block Octa, XM Trading Platforms

In a joint statement, the SPF and the Monetary Authority of Singapore (MAS) stressed that this prohibition applies even to entities based overseas if they engage with Singapore customers or significantly target the Singapore market.

“The information provided on these websites constitutes prohibited content under the Internet Code of Practice,” the authorities said. As a result, Singapore’s Internet Access Service Providers will block access to the websites, cutting off local users from reaching the platforms. Consumers with existing accounts may also find themselves unable to access their funds or manage their portfolios online.

Authorities urge the public to verify trading platforms’ regulatory status through the MAS Financial Institutions Directory and trade only with properly licensed entities. Unregulated platforms often operate from jurisdictions where oversight is weak or nonexistent, increasing the risk of fraud and financial loss.

Furthermore, platforms like Octa and XM may require consumers to make payments via credit or debit cards, increasing the risk of unauthorised transactions and limiting recourse for affected users.

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