The online trading platform, Samtrade FX, which is facing an investigation in Singapore, has suspended both local and overseas operations through its operating entities and other affiliated entities.
The corporate statement issued by Samtrade FX detailed that the suspension of its services will include, but is not limited to, account opening, account changes, settlements, payments, opening and closing of trades.
These moves came as ‘immediate steps’ on the part of the trading platform operator in response to the joint investigation against it launched by the Singapore Police Force and Monetary Authority of Singapore (MAS).
Appointment of Judicial Management
Additionally, Samtrade FX has put certain entities under judicial management and proposed some names as interim judicial managers. According to the company, this move will protect the interest of its shareholders.
“As investigations by the Authorities are ongoing, we seek the understanding of stakeholders that we will not be in a position, in the meantime, to process any requests or instructions (including for trades, payments or withdrawals),” the company statement noted.
The two Singaporean authorities have confirmed their investigation against the Samtrade FX and its two Singaporean entities. The authorities suspect irregular trading activities as the platform is not licensed in Singapore, and it is operating with an overseas license.
“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 official announcement by MAS stated earlier.
The investigation against Samtrade FX, which began months after its name was included in a local Investors Alert List, commenced on December 28 and also led to the arrest of three unnamed people with links to the trading company.
