WikiFX report: Police, MAS investigate online trading platform Samtrade FX, 3 men arrested

SINGAPORE: An online trading platform, Samtrade FX, is being investigated by the authorities and three men, aged between 31 and 36, have been arrested in connection with the probe.

“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,” said the police and the Monetary Authority of Singapore (MAS) in a news release on Monday (Jan 3).

The Commercial Affairs Department of the Singapore Police Force and MAS launched a joint investigation on Dec 28, looking into Samtrade FX and its related Singapore entities, Samtrade FX LLP and Samtrade FX (SG).

The online platform is run by Samtrade FX Limited, a company registered in St Vincent and the Grenadines.

Samtrade FX Limited and its related entities are being investigated for potential offences under Section 82 of the Securities and Futures Act 2001, which prohibits any person from carrying on a business in any regulated activity without a capital markets services licence.

Samtrade FX Limited and its related entities are not licensed by MAS and have been placed on MAS' Investors Alert List since July 2021, said the authorities.

The Investor Alert List provides a list of unregulated persons who may have been wrongly perceived as being licensed or regulated by MAS.

Members of the public can verify if an entity has a valid license by checking MAS' Financial Institutions Directory.

The police and MAS also advised people to take the following precautions before committing to an investment:

• Ask as many questions as needed to fully understand the investment opportunity.

• Check on the company, its owners, directors and management members to assess if the investment opportunity is genuine.

• Confirm the company's and representative's credentials on the MAS website.