Sunday, January 29, 2023

BNM flags OctaFX in its Financial Consumer Alert list, warn M’sians that it is operating without licences

NewsBNM flags OctaFX in its Financial Consumer Alert list, warn M'sians that...

If you do not have your ad-blocker turned on, you may have seen the annoying ads by a forex trading platform called OctaFX that offers investment and financial services.

Well, it turns out that the forex trading platform were never been authorised or approved by Bank Negara Malaysia (BNM).

In a statement on 29 August, BNM announced that it has added the trading platform OctaFX to its Financial Consumer Alert list.

The list consists of companies and websites that are neither authorised nor approved under the relevant laws and regulations administered by the central bank.

BNM said the list also serves as a guide to enhance awareness of entities or schemes which may have been wrongly perceived or represented as being licensed or regulated by the central bank.

Meanwhile, the list also included OctaFX’s website and other official accounts on social media platforms such as YouTube, Twitter, Facebook, LinkedIn, Instagram and Telegram.

BNM explained that the list is updated based on information received from members of the public, after conducting necessary assessments on the reported entities and schemes.

Previously, the Securities Commission (SC) has also flagged OctaFX for various reasons.

In its Investor Alert List, SC said that the company is carrying out capital market activities of dealing in derivatives without a licence and operating a recognized market without authorisation from the SC.

In addition, the list also includes various other companies with the OctaFX branding that SC flags as potentially being clone entities that run illegal investment schemes. These include OctaFX Trading, octaFX and OctaFxPower Ltd.

With this, the central bank urged the public to exercise due care when investing in such entity or financial scheme, while the SC encouraged the public to alert it of any suspicious capital market activities.

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