SPF, MAS probe – Samtrade FX operations suspended – The Commercial Affairs Department (CAD) of the Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) launched an investigation into online trading platform – Samtrade FX run by Samtrade FX Limited – a company registered in St Vincent and the Grenadines (Carribean nation, North America) and into its related Singapore entities Samtrade FX LLP and Samtrade FX (SG) Pte Ltd on 28th December.
Samtrade FX Limited and its related entities are not licensed by MAS, and have been placed on MAS’ Investor Alert List since July 2021. In a statement issued on Monday, CAD and MAS said the joint investigation arises from Samtrade FX carrying on business in regulated activities without a capital markets services (CMS) license.
Three men – aged between 31 and 36 – have been arrested in connection with the joint investigation.
According to the statement – MAS will further review and take necessary actions if its inspection uncovers lapses or Samtrade FX had breached regulations. Of the group companies, no entity is regulated in Singapore as a capital markets services licensee.
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Read more about SPF, MAS probe – Samtrade FX suspended at https://www.mas.gov.sg/news/media-releases/2022/monetary-authority-of-singapore-and-singapore-police-force-investigate-overseas-online-trading-platform-samtrade-fx-and-its-related-entities-in-singapore