Samtrade FX Stops All Services amid Singapore Investigation
- The trading platform has stopped withdrawals.
- It has requested to put the entities under judicial management.
The online trading platform, Samtrade FX, which is facing an investigation in Singapore, has suspended both local and overseas operations through its operating entities and other affiliated entities.
The corporate statement issued by Samtrade FX detailed that the suspension of its services will include, but is not limited to, account opening, account changes, settlements, payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term, opening and closing of trades.
These moves came as ‘immediate steps’ on the part of the trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term operator in response to the joint investigation against it launched by the Singapore Police Force and Monetary Authority of Singapore (MAS).
Appointment of Judicial Management
Additionally, Samtrade FX has put certain entities under judicial management and proposed some names as interim judicial managers. According to the company, this move will protect the interest of its shareholders.
“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 company statement noted.
The two Singaporean authorities have confirmed their investigation against the Samtrade FX and its two Singaporean entities. The authorities suspect irregular trading activities as the platform is not licensed in Singapore, and it is operating with an overseas license.
“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 official announcement by MAS stated earlier.
The investigation against Samtrade FX, which began months after its name was included in a local Investors Alert List, commenced on December 28 and also led to the arrest of three unnamed people with links to the trading company.
The online trading platform, Samtrade FX, which is facing an investigation in Singapore, has suspended both local and overseas operations through its operating entities and other affiliated entities.
The corporate statement issued by Samtrade FX detailed that the suspension of its services will include, but is not limited to, account opening, account changes, settlements, payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term, opening and closing of trades.
These moves came as ‘immediate steps’ on the part of the trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term operator in response to the joint investigation against it launched by the Singapore Police Force and Monetary Authority of Singapore (MAS).
Appointment of Judicial Management
Additionally, Samtrade FX has put certain entities under judicial management and proposed some names as interim judicial managers. According to the company, this move will protect the interest of its shareholders.
“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 company statement noted.
The two Singaporean authorities have confirmed their investigation against the Samtrade FX and its two Singaporean entities. The authorities suspect irregular trading activities as the platform is not licensed in Singapore, and it is operating with an overseas license.
“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 official announcement by MAS stated earlier.
The investigation against Samtrade FX, which began months after its name was included in a local Investors Alert List, commenced on December 28 and also led to the arrest of three unnamed people with links to the trading company.