Samtrade FX Faces Probe in Singapore, 3 Men Arrested

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 Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term 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 Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term 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.

Finance Magnates reached out to Samtrade FX for comments but has not received any response as of press time.

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.”