OctaFx Now In Bank Negara’s Financial Alert List, Investment Not Approved Under M’sian Law

You've been warned.

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.

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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.

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Read also: Thai YouTuber Allegedly Flees To M’sia After Cheating 6,000 Investors Of RM240mil In Forex Scam

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.

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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.

Octafx now in bank negara's financial alert list, investment not approved under m'sian law | weirdkaya
Screengrab via Bank Negara Malaysia

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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