MAS, CAD investigating online trading platform Samtrade FX; 3 arrested

AN overseas online trading platform, Samtrade FX, is being probed by the Singapore authorities for potential offences under local securities laws that require a capital markets services (CMS) licence for regulated activity.

Three men, aged between 31 and 36, have been arrested in connection with the investigation, the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) announced in a press release on Monday (Jan 3).

"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," said MAS and CAD, which jointly launched the probe on Dec 28 last year.

Samtrade FX is being looked into for potential offences under Section 82 of the Securities and Futures Act, which prohibits any person from carrying on a business in any regulated activity without a CMS licence.

Samtrade FX is run by a company of the same name registered in St Vincent and the Grenadines. Its Singapore entities - Samtrade FX LLP and Samtrade FX (SG) Pte Ltd - are also under investigation.

The parent company and its related entities are not licensed by MAS and have been on the MAS Investor Alert List since July last year.