Global broker XM reassures clients in Singapore that “no action is required on their part” and their “funds remain safe”, following a recent announcement by the Monetary Authority of Singapore (MAS), that has led to internet service providers potentially blocking access to XM’s website from 20 June.
MAS has determined that XM and other brokers had been offering leveraged financial products to Singapore’s residents without a local capital markets services license. XM has clarified that it is licensed and regulated by the Financial Services Commission (FSC) of Belize in the provision of online investment services globally, it’s also important to note that the website does not contain information specifically directed at persons residing in Singapore, and the company has no servers or physical presence in Singapore.
Recognised globally for its reliability and professionalism, XM has been serving traders across more than 190 countries for over 15 years. With a client base exceeding 15 million, the broker has built a strong reputation by prioritising transparency, client satisfaction, and long-term relationships within the trading community. XM also adheres to strict rules and regulations and has robust security measures for protecting client funds and offering reliable platforms and services.
While respecting the authority of MAS, XM emphasized its ongoing commitment to regulatory cooperation and transparency and it is currently assessing the implications of this development with legal advisors, to determine if any action is needed.
Continued Access Under International Regulation
XM’s platform is operated by XM Global Limited, which is regulated by the FSC.
Under Singapore’s law, individuals may opt to use the trading services offered by regulated foreign brokers. This means trading accounts, payment methods, and all services will remain fully functional for Singapore-based clients after 20 June.
“We remain fully committed to supporting our clients in Singapore”,
an XM spokesperson said.
“Our Customer Experience Team is available 24/7 to answer questions and we will ensure uninterrupted access to all trading services, regardless of any changes.”
