In recent news, Bank Negara Malaysia (BNM) has taken action against the trading platform OctaFX by adding it to its Financial Consumer Alert list. This move, as announced in a statement on August 29, aims to alert the public to companies and websites that lack the necessary authorization or approval under the relevant laws and regulations administered by the central bank.
The Financial Consumer Alert list, a critical tool in safeguarding consumers’ financial interests, now includes OctaFX’s official website and its presence on multiple social media platforms such as YouTube, Twitter, Facebook, LinkedIn, Instagram, and Telegram.
OctaFX, a well-known international Forex broker founded in 2011, had notably harnessed the influence of local celebrities in Malaysia for promotional purposes. Celebrities like Aliff Syukri, Wak Doyok, and Fizo Omar were associated with the platform’s promotional efforts, contributing to its popularity within the country.
In parallel, the Securities Commission Malaysia (SC) has taken similar action by including OctaFX in its Investor Alert List. This list is specifically reserved for companies or websites that engage in capital market-regulated activities without obtaining the required licenses or registrations.
Bank Negara urges the public to exercise caution and diligence when contemplating investments in any entity or financial scheme. The Securities Commission Malaysia echoes this sentiment, encouraging individuals to promptly report any suspicious activities within the capital market.