SPF and MAS launch investigation into Samtrade FX
The entity has been on MAS’ Investor Alert List since July 2021.
A joint news release by the Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) announced an investigation into Samtrade FX.
The platform as well as its parent company, Samtrade FX Limited, are not licensed by MAS and have also been placed on the department’s Investor Alert List since July 2021.
In particular, the entities are being investigated for potential offences under Section 82 of the Securities and Futures Act 2001, which bars any person without a capital markets services licence from carrying out a business in any regulated activity. Both agencies suspect that irregular trading activities have been carried out on the platform.
Three men have also been arrested in connection with the investigation.