PAnews reported on June 7 that according to the South China Morning Post, the Monetary Authority of Singapore and the police plan to block the websites of unlicensed trading platforms Octa and XM from June 20. After the blocking takes effect, users will not be able to log in through Singapore Internet service providers.

The Monetary Authority of Singapore and the police pointed out in a joint statement that the two platforms provided and promoted trading services such as leveraged foreign exchange trading, commodities, indices and stocks to local residents without obtaining licenses and qualifications, in violation of the Securities and Futures Act 2001. The two platforms also have cryptocurrency trading businesses. Most unregulated online trading platforms are located overseas, and the credibility of their operations is difficult to verify, with a high risk of fraud. It is reported that Octa is operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global.