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Malaysia Regulatory Body Warns of FXTM, OctaFx Clones

Malaysia Regulatory Body Warns of FXTM, OctaFx Clones

by Admin
February 3, 2021
Malaysia Regulatory Body Warns of FXTM, OctaFx Clones
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Malaysia’s financial regulator today has updated its list of FX and investment websites that should be avoided, the main reason being the fact that these companies were not registered in the country.

Notably, the updated list includes names of fraudulent clone platforms that have been posing as well-known, regulated brokers around the world, including OctaFX and FXTM. Both firms are heavily regulated in Europe, but such authorisations do not entail passporting rights to promote their products in Malaysia.

Moreover, the Securities Commission (SC) warned investors to watch out for other websites that claim their services were developed or authorized in Malaysia to lure and possibly scam them.

The following persons and entities were added to the list on February 2, 2021:

  1. OctaFxPower Ltd
  2. HXFX Global
  3. Futu Inc
  4. E-Paradise
  5. Al Maju General Trading Co/Syarikat Al-Maju Trading
  6. Morood Investment Limited
  7. FXTM
  8. Xsocio Markets
  9. FP Market Trading Malaysia
  10. Ettijah Investment

The watchdog advises its citizens not to make use of such services nor to make any investment with companies or individuals that are not approved or licensed by the SC.

Anyone who engages in regulated activities without a valid license or registration from the SC is committing an offence under the Capital Markets and Services Act 2007. If convicted, they may be punished with imprisonment of up to ten years and fined.

However, Malaysia is bracing for the arrival of crypto businesses. Earlier in November, the country’s financial watchdog allowed cryptocurrency exchange, Huobi, a former ‘big three’ platform, to launch regulated services in Malaysia through a local partnership model. Named ‘Huobi Labuan’, the company has received a digital asset trading brokerage services license in September.

After the initial filing, they get up to nine months to meet the SC’s regulation standards, during which the exchange is permitted to provide spot and derivatives trading services.

Malaysian law requires cryptocurrency exchanges to register as Digital Assets Exchanges with the SC. Following a nine-month-long probationary period, Huobi Labuan would be eligible to receive full approval from the local securities watchdog.

Reference : https://www.financemagnates.com/forex/brokers/malaysia-regulatory-body-warns-of-fxtm-octafx-clones/

Tags: FXTMOctafx
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