Singapore’s Monetary Authority and police will enforce a ban on unlicensed trading platforms Octa and XM starting June 20th. This measure prevents residents from accessing the platforms through Singaporean internet service providers. The agencies jointly confirmed that these sites have been providing leveraged forex, commodities, indices, and stock trading services to locals without proper licenses or qualifications. This activity violates the Securities and Futures Act of 2001. Notably, both Octa and XM engage in cryptocurrency trading, adding to their risk profile. Due to many unregulated platforms being based overseas, authorities find it difficult to verify their legitimacy, increasing fraud risks.