The online trading platform, Samtrade FX is facing an investigation in Singapore under the suspension of irregular trading activities, the Singapore Police Force and Monetary Authority of Singapore (MAS) jointly announced on Monday.
“There is reason to suspect that irregular trading activities have been carried out on the platform, and investigations are being carried out on these activities,” the Singaporean authorities said.
3 Arrests
The investigation against the trading platform started on December 28 and led to the arrest of three men, aged between 31 and 36 years old. Though the authorities said that the arrests were made in connection with the investigation, the link with the trading company has not been revealed.
The online trading platform is being run by Samtrade FX Limited, a company registered in St Vincent and the Grenadines. It does not hold a MAS license, meaning it is not allowed to offer any investment services in the city-state. Additionally, the trading platform was added to MAS Investor Alert List in July last year.
The joint investigation is probing the parent company Sametrade FX Limited, along with its two Singapore entities, Samtrade FX LLP and Samtrade FX (SG) Pte Ltd.
In addition, the official announcement cautioned Singapore-based investors against trading on unregulated platforms and requested them to verify the licenses of the platforms on the public regulatory database.
“When dealing with financial products and services, members of the public should exercise caution and are strongly encouraged to deal only with persons who are regulated by MAS,” the announcement added. “If you choose to deal with unregulated entities or persons, you will forgo the protection under MAS regulations.”
