SC blacklists FXTM, nine others

SC blacklists FXTM, nine others
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KUALA LUMPUR (Feb 3): The Securities Commission Malaysia's (SC) updated investor alert list now includes 10 additional entities comprising FXTM, OctaFxPower Ltd, HXFX Global, Futu Inc, E-Paradise, Al Maju General Trading Co (Syarikat Al-Maju Trading), Morood Investment Ltd, Xsocio Markets, FP Market Trading Malaysia and Ettijah Investment.

According to the SC's updated list, the 10 entities were added yesterday (Feb 2). The SC's investor alert list on the regulator's website is a section that contains a list of unauthorised websites, investment products, companies and individuals.

Among the newly added entities, the SC claimed FXTM was added to the regulator's investor alert list for "carrying on unlicensed activities".

The SC claimed OctaFxPower is "operating a digital asset exchange (DAX) without registration".

At a glance, FXTM stands out among the 10 newly added entities as a frequent contributor of market commentaries to media companies in Malaysia.

The SC, however, did not specify the nature of FXTM's unlicensed activities.

FXTM claimed on its website that the group, which was established in 2011, specialises in leveraged trading, giving clients the potential to generate financial returns on both rising and falling prices across foreign exchange markets, indices, commodities, shares and cryptocurrencies.

"The group's global network of offices and regulations spans Europe, Africa, Asia and Latin America, and we have already attracted over three million clients across 180 countries," FXTM said.

Chong Jin Hun