Online trading

Samtrade FX online trading platform under investigation by police, MAS; 3 arrested

SINGAPORE – Samtrade FX, an overseas online trading platform, is under investigation for alleged improper trading activities conducted on its system.

Three men, aged 31 to 36, were arrested on Tuesday and Wednesday (December 28 and 29) as part of the joint investigation, which began last Tuesday, Singapore police and the Monetary Authority said on Monday. of Singapore (MAS).

Samtrade FX Limited, which operates the trading platform, and its related entities are not authorized by MAS and have been on the MAS Investor Alert List since July 2021.

The potential violations that Samtrade FX and its related entities are being investigated fall under local securities laws, which prohibit anyone from carrying on business in any regulated activity without a market services license. capital.

In a joint statement, the police and the MAS advised the public to exercise caution when dealing with financial products and services and to only deal with people regulated by the MAS.

Members of the public can verify whether an entity has a valid license by consulting the MAS Financial Institutions Directory.

They may also consult the MAS Investor Alert List, which is a list of unregulated persons and entities who, based on information received by MAS, may have been mistakenly perceived to be approved or authorized by MAS .

The MAS regulatory framework aims to ensure that only competent and professional persons can provide regulated financial services.

If members of the public choose to do business with unregulated entities or individuals, they will waive the protection of MAS regulations, police and MAS said in their statement.

Before committing to an investment, members of the public should always ask as many questions as necessary to fully understand the investment opportunity, and be suspicious if the company is unable to answer or avoids answering questions.

They should also check the company, its owners, directors and members of management to assess whether the investment opportunity is real.

Finally, those looking to invest should confirm company and representative credentials using resources such as the Directory of Financial Institutions, Registry of Representatives, and Investor Alert List on the MAS website.