SINGAPORE: Two overseas online trading platforms will be blocked in Singapore after they were found to have breached financial regulations, according to a joint news release from the police and the Monetary Authority of Singapore (MAS) on Friday (Jun 6).

The websites of the platforms, Octa and XM, will be inaccessible to users in Singapore from Jun 20. Their services - including leveraged foreign exchange, commodities, indices and equities trading - were offered to Singapore customers without licences under the Securities and Futures Act (SFA).

This is in breach of the Act, the police and MAS said.

The capital markets services licence is required for an entity to carry out business dealing in capital markets products, which include securities and leveraged foreign exchange trading, the

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