Singapore probes online trading platform Samtrade FX

Singaporean authorities have initiated a joint investigation into overseas online trading platform Samtrade FX and its related entities for potential offenses under the country's Securities and Futures Act.

Registered in St. Vincent and the Grenadines, Samtrade FX Ltd. and its Samtrade FX LLP and Samtrade FX (SG) Pte. Ltd. units do not hold a capital markets services license from the central bank.

"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 Singapore Police Force and the Monetary Authority of Singapore said Jan. 3 in a joint statement.

Samtrade FX has been placed on the central bank's investor alert list since July 2021. Three persons have been arrested in connection with the investigation, the authorities said.