简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The trading platform has stopped withdrawals. It has requested to put the entities under judicial management
The online trading platform, Samtrade FX, which is facing an investigation in Singapore, has suspended both local and overseas operations through its operating entities and other affiliated entities.
The corporate statement issued by Samtrade FX detailed that the suspension of its services will include, but is not limited to, account opening, account changes, settlements, payments, opening and closing of trades.
These moves came as ‘immediate steps’ on the part of the trading platform operator in response to the joint investigation against it launched by the Singapore Police Force and Monetary Authority of Singapore (MAS).
Additionally, Samtrade FX has put certain entities under judicial management and proposed some names as interim judicial managers. According to the company, this move will protect the interest of its shareholders.
“As investigations by the Authorities are ongoing, we seek the understanding of stakeholders that we will not be in a position, in the meantime, to process any requests or instructions (including for trades, payments or withdrawals),” the company statement noted.
The two Singaporean authorities have confirmed their investigation against the Samtrade FX and its two Singaporean entities. The authorities suspect irregular trading activities as the platform is not licensed in Singapore, and it is operating with an overseas license.
“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 official announcement by MAS stated earlier.
The investigation against Samtrade FX, which began months after its name was included in a local Investors Alert List, commenced on December 28 and also led to the arrest of three unnamed people with links to the trading company.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
In recent years, the Middle East has emerged as a dynamic Forex trading hub, fueled by the region's growing economy, technological advancements, and increasing investor sophistication. This article explores the legality of Forex trading in key Middle Eastern countries.
According to the SEC’s complaint, filed on September 27, 2024, in the U.S. District Court for the District of New Jersey, Westbrook engaged in this activity between January 2019 and August 2020.
eToro strengthens its Australian market presence with the $80M AUD acquisition of Spaceship, expanding its long-term savings and superannuation offerings.
OANDA Japan Inc., a subsidiary of the global online broker OANDA Corporation, has announced the termination of its Tokyo Server MT4 Discretionary Plan. The broker has notified its clients that the plan will no longer be available after December 13, 2024, marking a shift in the company's services for clients using the MetaTrader 4 (MT4) platform in Japan.