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MAS blocks unregulated overseas online trading platform Arotrade



The Singapore Police Force, the Infocomm Media Development Authority (IMDA) and the Monetary Authority of Singapore (MAS) blocked the website of an unregulated trading platform, Arotrade.

At least 40 Singapore residents filed complaints regarding Arotrade to the police. The online trading platform is allegedly registered in Belize and offers trading in CFDs for different asset classes such as stocks, foreign exchange, commodities, cryptocurrency and indices under the website “https://www.arotrade.com”. The investors transferred over S$330,000 to trade through Arotrade but subsequently unathorised trades appeared in their accounts and they experienced difficulties withdrawing their money.

Police investigation into the online trading platform revealed that Arotrade was linked to fraudulent marketing tactics such as fake news articles claiming that prominent individuals, like the Singapore’s Political Office Holders, have endorsed investments in cryptocurrency, which misled people and took them to Arotrade’s website.

Moreover, Arotrade does not hold license to deal with CFDs in securities and foreign exchange contracts and is therefore prohibited to carrying on such a business.

MAS Monetary Authority of Singapore

The police and MAS have determined that Arotrade is in breach of the Securities and Futures Act (SFA) and IMDA assessed that the information on its constitutes prohibited content under the Internet Code of Practice (ICOP). ). IMDA has directed Internet Access Service Providers (IASPs) to block access to Arotrade’s website from Singapore residents.

The police investigation in Arotrade is ongoing.

LeapRate discovered that Arotrade is also listed in New Zealand Financial Market Authority (FMA) warning list. The company appears under Speed Solutions Ltd entity name but conducts trades to the same website, https://www.arotrade.net/.

The company has the following contact details:

Entity name: Speed Solutions Ltd
Trading Name: Arotrade
Website: https://www.arotrade.net/
Email[email protected][email protected][email protected]
Address: 5 Cork Street, Belize City, Belize
Phone: +3728803345

The company is not registered in New Zealand and it is not on the New Zealand Financial Service Providers Register.

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MAS blocks unregulated overseas online trading platform Arotrade

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