The Police and Monetary Authority of Singapore(MAS) is investigating Samtrade FX, online trading that operates under Samtrade FX Limited.
The company is registered in St Vincent and the Grenadines ( A country in the Caribbean).
Local entities include Samtrade FX LLP and Samtrade FX (SG) Pte Ltd, both firms are not registered under MAS.
Investigation
The entities that are being investigated for potential violations under Section 82 of the Securities and Futures Act 2001.
The act regulates business that provides capital market services license. Samtrade is investigated for carrying irregular trading on their platform despite the absence of the required license.
Three individuals have been arrested regarding this case.
Police advice
“When dealing with financial products and services, members of the public are strongly advised to exercise caution and deal only with persons who are regulated by MAS. Members of the public can verify if an entity has a valid license by checking MAS’ Financial Institutions Directory.”
MAS also has a MAS Investor Alert List which displays a list of unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS.