Malaysia Regulatory Body Warns of FXTM, OctaFx Clones

Malaysia’s financial regulator today has updated its list of FX and investment websites that should be avoided, the main reason being the fact that these companies were not registered in the country.

Notably, the updated list includes names of fraudulent clone platforms that have been posing as well-known, regulated brokers around the world, including OctaFX and FXTM. Both firms are heavily regulated in Europe, but such authorisations do not entail passporting rights to promote their products in Malaysia.

Moreover, the Securities Commission (SC) warned investors to watch out for other websites that claim their services were developed or authorized in Malaysia to lure and possibly scam them.

The following persons and entities were added to the list on February 2, 2021:

1. OctaFxPower Ltd
2. HXFX Global
3. Futu Inc
4. E-Paradise
5. Al Maju General Trading Co/Syarikat Al-Maju Trading
6. Morood Investment Limited
7. FXTM
8. Xsocio Markets
9. FP Market Trading Malaysia
10. Ettijah Investment

Huobi Gets Approval to Operate in Malaysia

The watchdog advises its citizens not to make use of such services nor to make any investment with companies or individuals that are not approved or licensed by the SC.

Anyone who engages in regulated activities without a valid license or registration from the SC is committing an offence under the Capital Markets and Services Act 2007. If convicted, they may be punished with imprisonment of up to ten years and fined.

However, Malaysia is bracing for the arrival of crypto businesses. Earlier in November, the country’s financial watchdog allowed cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, Huobi, a former ‘big three’ platform, to launch regulated services in Malaysia through a local partnership model. Named ‘Huobi Labuan’, the company has received a digital asset trading brokerage services license in September.

After the initial filing, they get up to nine months to meet the SC’s Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term standards, during which the exchange is permitted to provide spot and derivatives trading services.

Malaysian law requires cryptocurrency exchanges to register as Digital Assets Exchanges with the SC. Following a nine-month-long probationary period, Huobi Labuan would be eligible to receive full approval from the local securities watchdog.