The Monetary Authority of Singapore (MAS) has recently issued a warning against an online trading service provider. The name of the particular online trading service provider is Daxiron. The details surrounding Daxiron reveal that the platform has been acting as a financial services provider internationally.
Daxiron has also been operating as financial security providing entity in Singapore and has been targeting the Singaporean audience. However, the Monetary Authority of Singapore has issued a warning revealing the true identity of Daxiron.
According to the Monetary Authority of Singapore, Daxiron is not a regulated entity in Singapore to operate and provide financial securities to the locals of Singapore. Therefore, it is extremely risky for the investors in Singapore to interact with the trading service provider.
The Monetary Authority of Singapore has intimated the entire investment community to remain cautious of the platform. The warning is also addressing the potential investors from within Singapore to stay alert of Daxiron.
Warning against Daxiron
Whenever there is an entity that makes a false claim involving regulators, it is the duty of the regulators to highlight such entities. The Monetary Authority of Singapore has shared its concerns about Daxiron making similar claims. The regulator has shared concerns over Daxiron claiming to be a regulated and authorized entity in Singapore to operate as a financial entity.
However, Daxiron is not a regulated entity in Singapore and this has been confirmed by the Monetary Authority of Singapore. The Monetary Authority of Singapore has no records of Daxiron ever making any contact to acquire authorization for operating as a financial company in the country.
Therefore, it is too risky for the investors from Singapore to deal with such an entity that is making false claims about its legal existence.
Daxiron is Unregulated
When it comes to operating as a financial entity in Singapore, the country has a strict policy, making it mandatory for such companies to acquire authorization and licensing. When it comes to acquiring an operating license for financial securities, it is the Monetary Authority of Singapore that grants operating approval.
Despite making claims of having an operating license, Daxiron is neither regulated nor has a license from the MAS. Therefore, Daxiron is breaching the operating policy of Singapore by making a false claim in regards to its operating/legal status in Singapore.
Therefore, the MAS has taken it upon itself to issue a warning against Daxiron to intimate the entire investment community in Singapore about its true identity.
The Monetary Authority of Singapore has, therefore, alerted the entire investment community in Singapore to be cautious when dealing with Daxiron. The major concern raised by the MAS is related to Daxiron claiming to be a regulated/licensed entity.
Daxiron making a false claim and targeting the investors in Singapore can be an attempt from the service provider’s end to carry out a fraud. Therefore, the MAS has concerns that Daxiron may attempt to lure investors and mislead them to deprive investors of their funds.
The Monetary Authority of Singapore has, therefore, recommended the entire investment community in Singapore remain cautious of Daxiron.
Information about Daxiron
Daxiron claims to be an online trading service provider offering trading services in assets such as indices, commodities, stocks, and CFD. The platform claims that it provides secured trading options as well as different trading accounts for the benefit of investors.
The physical address Daxiron (https://www.daxiron.com/) has provided on its website is 8 Copthall, Roseau Valley, 00152, Commonwealth of Dominica. On the website, Daxiron claims that it is owned by Synnfrey Sol Ltd.
Furthermore, Daxiron claims that it is a highly regulated platform strictly adhering to the AML and KYC regulations. However, the truth about the platform is that it is not regulated or licensed to operate in Singapore. Therefore, the investors must remain cautious and vigilant when choosing Daxiron to make investments through the platform.
