If you’re an avid YouTube viewer who doesn’t own a premium account, chances are you’ve probably been pestered by ads from OctaFX, a company that claims to give the best investment returns.
OctaFX not authorised nor approved under M’sian law
Yesterday (29 August), Bank Negara Malaysia (BNM) released a statement announcing that OctaFX has been included into its Financial Consumer Alert (FCA) List.
According to the statement, the FCA list consists of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by BNM.
Sebarkan! Octa tu tak bertauliah ya! pic.twitter.com/7o2pSs3PvR
— Oden Fujiyama Straight to Your Dome Like (@FujiyamaOden) August 30, 2022
It also said that the list was updated based on information received from the public where necessary assessments were conducted beforehand.
[However,] the list only acts as a guide to enhance the awareness on entities or schemes which may have been wrongly perceived or represented as being licensed or regulated by BNM.
Still can operate in Malaysia
Under this clause, this means that the forex broker platform can still operate in Malaysia but the public is advised to exercise due diligence when investing in the application.
The Securities Commission of Malaysia previously also added OctaFX into its Investor Alert List of unlicensed or unregistered companies and websites that conduct capital market regulated activities.
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