On January 4, Fazzaco reported that the Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS) launched a joint investigation into online trading platform, Samtrade FX run by Samtrade FX Limited, a company registered in St Vincent and the Grenadines and into its related Singapore entities Samtrade FX LLP and Samtrade FX (SG) Pte LtdSamtrade FX operates on the website https://www.samtradefx.com on 28 December 2021. Samtrade FX Limited and its related entities are not licensed by MAS, and have been placed on MAS' Investor Alert List since July 2021.
In view of the above circumstances, Samtrade FX has announced immediate steps to suspend local and overseas business operations of our key operating entities and other affiliated entities, including but not limited to account opening, account changes, settlements, payments, opening and closing of trades.
“This FAQ is intended to answer questions arising from our recent corporate statement in relation to the media release dated 3 January 2022 by the CAD and MAS of Singapore. If you have not done so, please read it here”, said the company.
Q1: Where is the status of customers / investors' deposits now？
A1: The management and the officers of the companies cannot access the relevant account(s) where the customers / investors' deposits currently reside. CAD has also issued prohibition orders against the companies' management from accessing such accounts.
The companies and its officers are seeking legal advice to consider options related to gaining access to the clients' deposits to meet any withdrawal request by customers / investors based on contractual obligations on a best-efforts basis.
Hence, we have currently suspended all local and overseas business operations of our key operating entities and other affiliated entities. We will review this on an ongoing basis.
Q2: What is the status of the companies' transaction process (deposit, withdrawals etc) and operations？ If so, was it carried out by the authorities？
A2: The management of the company was compelled to suspend the companies' business operations, including but not limited to account opening, account changes, settlements, payments, due to the prohibition orders imposed by the Authorities on the management.
Q3: Is there any way customers / investors can withdraw their deposits or have the deposits returned to them？
A3: We refer to A1 above.
The companies and its officers are seeking legal advice to consider options related to gaining access to the clients' deposits to meet any withdrawal request by customers / investors based on contractual obligations on a best-efforts basis.
Q4: Is there any specific timeline where customers / investors can have their deposits returned to them？
A4: We refer to the media release dated 3 January 2022 by the Authorities which stated that investigations commenced on 28 December 2021. We are unable to provide any specific timeline given that investigations are ongoing.
Q5: As MAS is an authority in Singapore, how would overseas investors be impacted, if any？
A5: MAS regulates financial institutions and entities in Singapore and/or financial institutions and entities which have business operations in Singapore. Presently, as stated in the Authorities' media release dated 3 January 2022, the joint investigations by the authorities are in relation to the online trading platform, Samtrade FX run by Samtrade FX Limited and its related Singapore entities, Samtrade FX LLP and Samtrade FX (SG) Pte Ltd. Overseas investors are impacted because of the prohibition orders placed by the Authorities on the companies' management on the operations of these entities pending the outcome of the investigations.
Q6: Is there an information portal that customers / investors can refer to for further information？
A6: We will continue to post updates on this matter on our corporate website
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