The online trading platform, Samtrade FX has been caught in an ongoing investigation with the Singapore Police and Monetary Authority of Singapore (MAS). They have both local and overseas operations through its operating entities as well other affiliated companies to conduct business but are now suspending this activity until further notice due to uncertainty about their status with the investigation site.
The company will no longer be able to provide the following: account opening and closing trades; settling payments or any other transactions related to your trading account on their website at all (for now).
The Singaporean trading platform operator has responded to the joint investigation launched by the Singapore Police and Monetary Authority of Singapore (MAS). These moves come as an immediate step in response, with a goal of remedying any wrongdoing before more severe measures are taken against them.
Judicial Management Appointment
The company is putting certain entities under judicial management in order to protect its shareholders’ interests. They say this move will protect their interests in light of recent events, though we’re not sure what those are yet!
In their official statement, the company said, “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 Singaporean authorities have confirmed that they are investigating the Samtrade FX and its two entities in order to determine if any laws were broken.
The authorities suspect that the platform may be involved in irregular trading activities as it has not obtained a license from Singapore’s financial authority, and its operating country is overseas.
Monetary Authority of Singapore (MAS) official statement read in part, “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 investigation against Samtrade FX, which began months after its name was included in a local Investors Alert List, has been going on for some time. It recently led to the arrest of three unnamed people with links to this trading company and so many others like it are waiting anxiously until their release date arrives.