Samtrade FX has suspended local and overseas business operations of its key operating entities and other affiliated entities, including but not limited to account opening, account changes, settlements, payments, opening and closing of trades.
The Singapore police announced on January 3 that three men involved in the case of Samtrade FX were arrested on suspicion of illegal fund management operations. The Commercial Affairs Bureau (CAD) and the Hong Kong Monetary Authority are under further investigation. The joint investigation is investigating the parent company Samtrade FX Limited and two Singapore entities Samtrade FX LLP and Samtrade FX (SG) Pte Ltd.
The Singapore authorities stated that Dexinghui Samtrade FX did not obtain a regulatory license in Singapore, but used an overseas license to operate. Therefore, the authorities suspected abnormal trading activities on the platform.
In addition, the official announcement warned Singaporean investors not to trade on unregulated platforms and required investors to verify the dealer’s license in the announcement regulatory database.