# Asia Trading News

> Top Trading News in Asia


## Posts

- [How Kelvin Tang Turned a Promising Forex Broker Into a Financial Cautionary Tale](https://asiatradingnews.com/kelvin-tang-aximtrade-ceo-interpol-red-notice/): Kelvin Tang: From AximTrade CEO to Interpol Red Notice By the Asia Trading News Investigations DeskUpdated May 2026 · 16-minute read · Financial Markets Investigation, Southeast Asia Key Figures at a Glance In September 2023, a customer service representative at AximTrade published a brief, unremarkable notice. The broker, she wrote, had ceased all operations due to a financial crisis. For the tens of thousands of traders who had placed their money with the company — and for more than 200 employees whose salaries had already begun arriving late, then not at all — the message confirmed what many had feared […]
- [Kelvin Tang Get Jail And Big Fine in Singapore According to News Reports](https://asiatradingnews.com/kelvin-tang-get-jail-and-big-fine-singapore/): SINGAPORE — A 48-year-old Kelvin Tang who is a workshop owner and former CEO of AximTrade was sentenced on Thursday (Jul 10, 2025) to one month jail and fined S$11,000 for unlawfully modifying the exhaust systems of three motorcycles according to news reports from CNA. News: https://www.channelnewsasia.com/singapore/jail-fine-workshop-owner-motorcycle-illegal-modification-exhaust-5232846 The offences related to the sale and fitting of non-approved aftermarket exhausts, making the motorcycles illegal to use on the road. Authorities said that it was the first case in which a custodial sentence was secured for such infringements. On Mar 9, 2020, Tang Yong Shun applied to the LTA for the sale […]
- [Interpol Issues Red Notice for Kelvin Tang in Multinational Fraud Case](https://asiatradingnews.com/interpol-red-notice-kelvin-tang-fraud/): Berlin, Germany — Interpol has issued a Red Notice for Kelvin Tang, a Singaporean businessman wanted in connection with a sprawling multinational investigation into alleged financial fraud, money laundering, and cybercrime, authorities confirmed Friday. The notice, circulated to law enforcement agencies across Interpol’s 195 member countries, signals a coordinated effort to locate and arrest Tang, whose last known whereabouts were reported in Singapore. The Red Notice, often described as a global “wanted poster,” alleges that Tang masterminded a sophisticated scheme involving shell companies, cryptocurrency transfers, and phishing operations that defrauded victims of an estimated $10 million USD across Asia, and […]
- [Southeast Asia’s Online Trading Scam Crisis: A Growing Threat to Global Financial Security](https://asiatradingnews.com/southeast-asia-online-trading-scam/): February 1, 2025 – Southeast Asia has emerged as a global hotspot for online trading scams, with criminal syndicates exploiting the region’s digital transformation to defraud victims of billions of dollars annually. These scams, often intertwined with human trafficking and forced labor, have become a significant threat to both regional stability and global financial security. The Scale of the Problem The online trading scam industry in Southeast Asia is estimated to generate between 7.5billion and 12.5 billion annually, with losses exceeding $5 billion in 2024 alone. These scams range from fake investment platforms to cryptocurrency fraud, often targeting vulnerable individuals through social media […]
- [Tens of Thousands Lured by Fake Job Offers, Forced into Cybercrime](https://asiatradingnews.com/human-trafficking-crisis/): Singapore – Tens of thousands of people worldwide have fallen victim to large-scale human trafficking schemes orchestrated by criminal syndicates in Southeast Asia. These groups lure victims with fake job offers on social media and recruitment platforms, only to kidnap and force them into cybercrime operations under brutal conditions. Interpol issued an Orange Notice on Wednesday, warning its 195 member countries of what it described as a “global human trafficking crisis.” The notice signifies a serious and imminent threat to public safety, highlighting the alarming rise of transnational crime networks exploiting vulnerable individuals. How the Scam Works Criminal groups post lucrative job […]
- [Kelvin Tang Profile: The Fall of a Scammer](https://asiatradingnews.com/kelvin-tang-profile-scammer/): After a year of scandals, Kelvin Tang has resurfaced in Singapore, trying to start new business. The former face of AximTrade, a notorious offshore forex broker, is now embroiled in new legal issues. His return follows a string of failures and accusations, leaving a trail of unpaid employees, gambling debts, and allegations of domestic violence. AximTrade’s Collapse & Unpaid Employees AximTrade, once presented as a promising forex broker, has been under fire for failing to pay its employees for several months. After the company ceased operations in late 2023, many former employees came forward, reporting that they hadn’t received their […]
- [The Enigmatic Case: Unraveling a $90 Million Southeast Asian Money Laundering Network](https://asiatradingnews.com/southeast-asian-money-laundering-network/): It started with whispers. A trail of transactions that, on paper, seemed innocent enough: funds moving across borders—Malaysia, the Philippines, Thailand, and Singapore. But when reporters began digging, the pattern that emerged was anything but innocent. The mastermind? A Canadian-Filipino businessman with a shadowy past in payment channels, forex brokerage, and online casinos, who had quietly been orchestrating one of the most complex money laundering schemes Southeast Asia has ever seen. The Early Whispers: 2020 In late 2020, an investigative journalist in Manila stumbled upon what seemed like an anomaly in the local banking system. Several large deposits were made […]
- [Singapore’s $2.3 Billion Money Laundering Scandal](https://asiatradingnews.com/singapore-money-laundering-scandal/): News resources: Exactly one year after Singapore’s biggest money laundering scandal broke, authorities made significant arrests of finance professionals on August 14, 2024. This $2.3 billion case is a stark reminder of the challenges Singapore faces in balancing its reputation as a global financial hub with the risks of attracting illicit capital. The Arrests Two former bank relationship managers, both Chinese nationals, were detained for their roles in facilitating money laundering. Wang Qiming, previously at Citibank Singapore, faces 10 charges, including forgery and laundering amounts close to S$500,000 (US$ 379,708). Liu Kai, a former employee of Bank Julius Baer, was […]
- [Police Freeze RM300 Million in Assets Linked to Foreign Online Gambling Boss](https://asiatradingnews.com/rm300-million-assets-online-gambling/): Kuala Lumpur, August 13, 2024 – Malaysian authorities have taken significant action against a foreign online gambling operator by freezing RM300 million in financial assets suspected to be linked to a money laundering scheme. The move follows a tip-off from a local bank regarding the individual’s illicit activities. Hasbullah Ali, chief of the Anti-Money Laundering (Amla) force, reported that the suspect, believed to be in his 30s, has been profiting from online gambling operations since 2012. Over an eight-year span, he amassed more than RM14 billion in earnings, with RM300 million transferred to Malaysia for laundering purposes. The frozen assets […]
- [Hong Kong Fines DBS Bank $1.3 Million for Anti-Money Laundering Violations](https://asiatradingnews.com/hong-kong-anti-money-laundering/): July 5, 2024 – The Hong Kong Monetary Authority (HKMA) has imposed a fine of HK$10 million (approximately $1.3 million) on the local branch of Singapore’s DBS Bank for breaches of anti-money laundering regulations. The banking regulator announced the penalty on Friday, citing significant lapses in the bank’s compliance practices. According to the HKMA, DBS Bank failed to effectively monitor its business relationships and did not conduct enhanced due diligence in high-risk situations over a span of seven years. The investigation revealed “control deficiencies,” including the failure to maintain required records for some customers as mandated by the Anti-Money Laundering […]
- [Navigating the Forex Landscape: How to Avoid Broker Scams](https://asiatradingnews.com/how-to-avoid-broker-scams/): Forex trading, with its promise of high returns and global market reach, attracts countless investors. However, the industry is also rife with scams, making it crucial for traders to discern legitimate brokers from fraudulent ones. This guide aims to equip investors with the knowledge needed to avoid forex trading scams and choose reliable brokers. Understanding the Scope of Forex Scams Forex scams can manifest in various forms, from fraudulent brokers to Ponzi schemes and signal-seller scams. These scams often exploit the complexity and allure of forex trading, preying on inexperienced traders. Understanding the different types of scams is the first […]
- [Police Warn Public Against Forex Trading Scam: Exercise Caution Before Investing](https://asiatradingnews.com/police-warn-forex-trading-scam/): Manila, News reports: Police alert the public to a rise in foreign exchange (forex) trading scams and urge them to thoroughly vet any investment opportunities before committing their money. The Philippine National Police-Anti-Cybercrime Group (PNP-ACG) emphasizes the need for extensive research and background checks on individuals or groups offering investment opportunities to avoid falling victim to scams. Brig. Gen. Ronnie Francis Cariaga, Acting Director of the PNP-ACG, stressed that scammers often employ sophisticated tactics to appear legitimate, making due diligence crucial. Recent Incident Highlights Risks This warning follows an incident involving a 21-year-old Pakistani national who convinced a victim to […]
- [American Extradited to Singapore Admits $18 Million Fraudulent Trading Scheme](https://asiatradingnews.com/fraudulent-trading-scheme/): SINGAPORE – Michael Philip Atkins, an American and former director at the Singapore-based firm Aureus Capital, has admitted in court to orchestrating a fraudulent forex trading scheme that defrauded over 1,300 clients of more than $18 million. Atkins’ legal troubles began in July 2014 when he was first arrested in Singapore. Following his release on bail, he absconded, prompting Interpol to issue a red notice against him. This notice, which requests global law enforcement to locate and provisionally arrest an individual, led to his eventual discovery in the United States in 2017. Three years later, an extradition request was sent […]
- [Prop Trading Firms Face Turbulence: What's Next?](https://asiatradingnews.com/prop-trading-firms-face-turbulence/): Proprietary trading firms, often lauded for their ability to deliver substantial profits, are now grappling with significant industry upheavals. Recent closures and subsequent comebacks of major players are sending ripples across the entire sector, raising critical questions about the future of prop trading. The Core Issues The primary challenge prop trading firms face is navigating the labyrinth of regulatory requirements, especially within the United States. The industry has been under intense scrutiny due to its historically lax regulatory oversight, leading to a series of crackdowns that are reshaping operational landscapes. This regulatory clampdown has been spearheaded by MetaQuotes, the developer […]
- [Fraudsters Impersonate Major Broker Equiti, Scamming UAE Investors](https://asiatradingnews.com/broker-equiti-uae-investors/): The UAE’s Securities and Commodities Authority (SCA) has issued a stern warning to investors about an unlicensed entity impersonating the legitimate UAE-based global broker, Equiti. This fraudulent activity has resulted in significant financial losses, with notable victims including Dubai Bling star Lojain Omran. On March 27, the SCA alerted the public that MRL Investments, operating under the website equiity.com, is not licensed by the authority and has no affiliation with Equiti Securities Currencies Brokers LLC (ESCB LLC), which operates under the legitimate brand name ‘Equiti’. The SCA emphasized that Equiity has no connection with Equiti, which is authorized to engage […]
- [The Future of Forex Trading in 2024: Insights and Analysis](https://asiatradingnews.com/the-future-of-forex-trading-2024/): Forex, the world’s largest and most active financial market, is undergoing rapid changes driven by technological advancements, evolving norms, and shifting economic landscapes. This article explores the future of forex trading, highlighting key trends and concepts while offering insights on how you can profit from these changes. Emerging Technologies in Forex Trading Artificial Intelligence and Machine Learning Artificial intelligence (AI) and machine learning (ML) are revolutionizing forex trading by enabling the analysis of vast datasets, predicting market movements, and executing trades with precision. AI can process real-time news, economic data, and social media sentiment, providing traders with enhanced decision-making tools. […]
- [Singapore-Registered Firm Accused of Defrauding Thousands in Japan’s Largest Scam](https://asiatradingnews.com/singapore-registered-firm-accused-of-defrauding-thousands-in-japans-largest-scam/): Tokyo/Singapore – In a shocking revelation, a Singapore-registered company, Sky Premium International, stands accused in Japan of orchestrating what authorities claim to be the country’s most significant scam to date. Four of its top executives now face arrest on suspicion of defrauding a staggering 135 billion yen (approximately S$1.2 billion) from over 26,000 individuals. Allegations and Arrests Fukuoka Prefectural Police have implicated Sky Premium International for purportedly violating Japan’s Financial Instruments and Exchange Act. The company allegedly operated as an unauthorized investment advisory firm, marketing a financial product named Lion Premium without proper authorization from Japan’s Financial Services Agency. On […]
- [AximTrade Faces Multiple Challenges Amid Server Downtime](https://asiatradingnews.com/aximtrade-server-downtime/): For several weeks now, clients of AximTrade have faced mounting frustration as they attempt to access their accounts, only to be met with inaccessible servers. This unexpected and prolonged downtime has left traders unable to execute transactions or manage their portfolios, raising concerns about the reliability of the platform and the company’s ability to address technical issues promptly. Regulatory Non-Compliance: Unpaid License Fees and Implications One of the primary issues exacerbating the situation is AximTrade’s failure to pay license fees to regulatory authorities. Without proper licensing, the company finds itself in a precarious position, facing potential penalties and sanctions from […]
- [Rising Scams and Cybercrime Pose a Growing Threat in Singapore](https://asiatradingnews.com/rising-scams-and-cybercrime-pose-a-growing-threat-in-singapore/): Singapore, As Singapore grapples with a surge in scam and cybercrime cases, concerns over online security continue to mount. Despite concerted efforts to combat these threats, the latest statistics reveal a significant uptick in fraudulent activities, prompting intensified measures to safeguard citizens and businesses alike. Escalating Scam Cases Scams and cybercrimes surged by a staggering 49.6% in Singapore last year, marking a troubling trend even as authorities implement comprehensive strategies to curb such illicit activities. According to data from the Singapore Police Force (SPF), reported cases reached a staggering 50,376 in 2023, up from 33,669 cases the previous year. Notably, […]
- [DOJ Initiates Money Laundering Charges Against Alleged Cryptocurrency Scam Operators](https://asiatradingnews.com/doj-initiates-money-laundering-charges-against-alleged-cryptocurrency-scam-operators/): In a significant development, money laundering complaints have been officially lodged with the Department of Justice (DOJ) against individuals apprehended on May 4 during a targeted raid on suspected cryptocurrency scam operations. The raid took place at the Sun Clark Valley Hub Corporation within the Clark Freeport and Special Economic Zone in Mabalacat City, Pampanga. The Inter-Agency Council Against Trafficking (IACAT), under the leadership of the DOJ, revealed this crucial information in a statement released on Friday, Oct. 13. However, the IACAT statement refrained from disclosing the identities of the charged individuals, and copies of the filed complaints were not […]
- [Unveiling the AximTrade Saga: As Kelvin Tang Transitions, Scandal Takes an Unsettling Turn](https://asiatradingnews.com/unveiling-the-aximtrade-saga-as-kelvin-tang-transitions-scandal-takes-an-unsettling-turn/): The story of AximTrade and its main two players, Kelvin Tang, and Sherwin Quiambao, which has been reported by the forex trading community, is still being pieced together every day. This investigative report by our team goes further into the complexities of the scam network, bringing to light new findings about AximTrade. Kelvin Tang Relocated to Japan Kelvin Tang has uprooted his life and relocated to Japan in an effort to remain undetected and to steer away from any potential disputes with the law that may arise. According to legal resources, Kelvin Tang is soon to face legal investigations since […]
- [Kelvin Tang: Unmasking the AximTrade Forex Impersonator and Scams](https://asiatradingnews.com/kelvin-tang-aximtrade-forex/): Recently, Kelvin Tang Scam has been an ongoing scandal in the forex market. In the shady world of Forex trading, Kelvin Tang has built a reputation as a key figure, claiming to be the co-founder and CEO of AximTrade. While he quickly gained a reputation as a business leader by connecting with the Forex industry, the truth about him is far more than what people expected. It turns out that AximTrade is not what it first appears to be, and Kelvin Tang is merely the public face of this complex scheme, which Sherwin Quiambao, a mysterious investor, is running. This […]
- [Manila's Network: Sherwin Quiambao and Chavit Singson](https://asiatradingnews.com/manilas-network-sherwin-quiambao-and-chavit-singson/): Business relationships can be multifaceted, and the partnership between Sherwin Quiambao and Chavit Singson exemplifies this complexity. Both individuals have had their share of legal challenges and successes in various business ventures, with an apparent focus on industries like online gambling and payment solutions. While the nature of their collaboration remains shrouded in mystery, their presence in the Asian business world is undeniable and suspicious. Chavit Singson: A Business Tycoon with Political Power Luis “Chavit” C. Singson, often referred to as Chavit Singson, is a prominent figure in the Philippines known for his diverse business portfolio and his significant contributions […]
- [Philippines Deports 180 Chinese Nationals Over Online Scam and Trafficking](https://asiatradingnews.com/philippines-deports-180-chinese-nationals-over-online-scam-and-trafficking/): In a move following their detention in a raid on a suspected sex trafficking and online scam operation in Manila, the Philippines deported 180 Chinese nationals on Thursday. Among the nearly 600 individuals discovered in a compound during the October operation were Chinese, Korean, Vietnamese, and Filipino nationals. The compound, licensed as an internet gaming company, housed various facilities, including a massage parlor, karaoke rooms, and a restaurant, along with the discovery of sex toys. According to Presidential Anti-Organized Crime Commission Undersecretary Gilberto Cruz, authorities discovered that the deported Chinese nationals lacked work permits and were involved in online scams […]
- [Hong Kong: Trading Platform Accused of Swindling HK$120 Million from 131 Victims](https://asiatradingnews.com/hong-kong-trading-platform-accused/): Hong Kong: The alleged billion-dollar scam run by the Hounax virtual asset trading platform has recently drawn harsh criticism from the Hong Kong government. According to reports, 131 people have fallen prey to this intricate ploy, losing roughly HK$120 million. Earlier this month, the Securities and Futures Commission raised red flags, designating Hounax as a questionable virtual asset trading platform. Authorities are stepping up their attempts to apprehend individuals guilty of this financial fraud. Hounax first appeared on the scene in early 2023, posing as a Singaporean corporation. Its operations have raised concerns because it appears to target Hong Kong […]
- [A Man Sues a Woman After Losing S$49,500 Due to Trading Platform Hacking](https://asiatradingnews.com/a-man-sues-a-woman-after-losing-s49500-due-to-trading-platform-hacking/): An individual from Singapore lost his entire investment of S$49,500 (approximately US$37,100) in an Australian forex trading platform that was allegedly hacked due to a security flaw on its website. The platform and its website were compromised. He then filed a lawsuit against the woman who had assisted him in establishing his trading account, alleging that she had been complicit in a fraudulent scheme to deceive unsuspecting investors into believing they were dealing with a legitimate company. On November 30th, the court issued a decision that dismissed the lawsuit. In early 2020, according to the plaintiff, Mr. Foo Ching Chee, […]
- [Forex trading enticed customers who lost hundreds of thousands of dollars](https://asiatradingnews.com/forex-trading-enticed-customers-who-lost-hundreds-of-thousands-of-dollars/): ABC report by Michael Atkin. Former customers of an Australian company claim they were lured into the high-risk world of foreign exchange trading under false pretenses and subjected to high-pressure sales tactics that contributed to their losing huge sums. Two men have spoken exclusively to ABC’s 7.30 about the alleged conduct of TradeFred, which operated a foreign exchange trading platform.  Sales representatives allegedly told the men, who didn’t know each other, to download remote access software so they could control their computers and direct the trades they made.  7.30 has obtained recordings of phone calls between TradeFred sales representatives and the men, which […]
- [The Philippines will close 175 offshore gambling companies and deport 40,000 Chinese workers.](https://asiatradingnews.com/the-philippines-will-close-175-offshore-gambling-companies-and-deport-40000-chinese-workers/): MANILA, (Reuters) – A justice ministry official said on Monday that the Philippines will shut down 175 offshore gambling companies and deport approximately 40,000 Chinese workers as part of a crackdown on the famously opaque online gaming business. The industry emerged in the Philippines in 2016 and flourished rapidly as operators took advantage of the country’s lenient gaming rules to seek clients in China, where gambling is prohibited. Philippine offshore gaming operators, or POGOs, employed almost 300,000 Chinese workers at its peak, but the pandemic and increasing taxes caused many to relocate. “The crackdown was triggered by reports of murder, […]
- [How HLK Group Facilitates Shady Forex Brokers in Asia](https://asiatradingnews.com/how-hlk-group-facilitates-shady-forex-brokers-in-asia/): There is a hidden underworld of the global financial system, where fortunes are earned and lost in the blink of an eye, that is shielded from the attention of authorities and the general public. HLK Group Pty Ltd., an Australian-based entity, has emerged as a pivotal player in this confidential arena, leveraging its license from the Australian Securities and Investments Commission (ASIC) to provide legal cover for forex brokers and financial companies. Our team has been researching and investigating to reveal the shady relationship between HLK Group and forex brokers around Asia. Behind this seemingly legitimate facade lies a web […]
- [Regulators Crack Down on My Forex Funds Amidst $310 Million Scam Allegations](https://asiatradingnews.com/myforexfunds-310-million-scam/): In a swift and resolute move, regulatory authorities in the United States and Canada have cracked down on My Forex Funds, a prop trading firm, amid allegations of a staggering $310 million scam. The Commodity Futures Trading Commission (CFTC) in the United States and the Ontario Securities Commission (OSC) in Canada wasted no time in pursuing legal action against the alleged wrongdoers. Charges Against the Operator At the center of this regulatory storm is Murtuza Kazmi, the operator of My Forex Funds, who also helmed two companies: New Jersey-incorporated Traders Global Group Inc. and Canada-based Traders Global Group Inc. While […]
- [China's Forex Trading Dilemma: Balancing Control and Demand](https://asiatradingnews.com/chinas-forex-trading-dilemma/): In the intricate landscape of global finance, China has held a firm grip on its foreign exchange (Forex) market. With a complete ban on forex margin trading and strict limitations on various other FX market activities, it has sought to safeguard its financial stability. Domestic Restrictions in China Within China’s borders, individuals seeking to engage in foreign currency trading are confined to doing so solely through commercial banks, devoid of any leverage. Furthermore, stringent annual limits on the acquisition of foreign currencies serve as a reminder of the state’s overarching control. Offshore Brokers Exploit Legal Gaps Despite these domestic limitations, […]
- [The Escalation of Financial Frauds in South East Asia: A Growing Concern](https://asiatradingnews.com/financial-frauds-south-east-asia/): In recent times, South East Asian region, known for its economic dynamism and cultural diversity, has been witnessing a disconcerting surge in financial fraud cases. These fraudulent activities encompass a wide range of scams, from forex trading deceptions and pyramid schemes to counterfeit licenses from regulatory bodies. In our previous investigations, we revealed several cases of forex fraud in Malaysia and the Philippines. In this comprehensive report, we will delve into the underlying reasons behind this alarming trend, highlighting real-life cases that have left a trail of victims in their wake. Furthermore, we will explore the critical role awareness and […]
- [UN report: Hundreds of thousands trafficked to work as online scammers in South East Asia](https://asiatradingnews.com/trafficked-scammers-south-east-asia/): A new UN report estimates that hundreds of thousands of individuals from around the globe have been trafficked to Southeast Asia in order to operate online scams. At least 120,000 Myanmar citizens and 100,000 Cambodians have been coerced into working for these schemes. The majority of victims are men from Asia, but others have migrated from Africa and Latin America. Although the problem has existed for years, the UN report is the first exhaustive examination of its scope. According to the report, as millions of people were confined to their residences due to pandemic-related shutdowns and spent more time online, […]
- [Prop Trading Under Scrutiny: Calls for Stricter Regulation Grow Louder](https://asiatradingnews.com/prop-trading-under-scrutiny/): The world of prop trading, short for proprietary trading, is facing a potential shakeup as concerns grow over the need for more rigorous regulation. Prop trading firms have come under scrutiny because they don’t directly handle clients’ money. However, recent events, like the fraud lawsuit My Forex Funds and its owner Murtuza Kazmi faced from the US commodities regulator, are drawing attention to this sector. While the lawsuit targeted a specific platform and its owner, it has ignited a broader discussion about the practices of all prop trading companies. Asia Trading News spoke with a number of prop trading firms […]
- [AximTrade Faces Mounting Fraud Accusations Amidst Withdrawal Woes](https://asiatradingnews.com/aximtrade-fraud-accusations-amidst-withdrawal-woes/): In the realm of foreign exchange trading, the pursuit of profit remains paramount. Yet, recent revelations have cast a shadow over the experience of certain investors, dampening their enthusiasm for a hard-earned gain. A disconcerting issue has emerged concerning the AximTrade platform, where profit-making traders are encountering perplexing obstacles when attempting to withdraw their funds. Additionally, there have been several claims about fabricated promises from the company’s CEO, Kelvin Tang. However, according to eternal resources in the industry, Mr. Tang has been unreachable for over a month, which leaves several question marks about him and his partners in Manila. A […]
- [Warns about AximTrade From The Securities Commission Malaysia (SC)](https://asiatradingnews.com/warns-aximtrade-malaysia-sc/): Navigating the Uncharted: Unmasking Unapproved Brokers in Malaysia’s Financial Landscape Embarking on a journey through the intricate terrain of Malaysia’s capital market, one entity stands as the guardian of integrity and transparency—The Securities Commission Malaysia (SC). Founded in 1993, the SC has been at the vanguard of regulating and nurturing the nation’s capital market. Through its far-reaching authority, the commission not only crafts and enforces regulations but also licenses, oversees, investigates, and takes decisive action against market participants. Moreover, it champions corporate governance and fosters cross-border regulatory alliances, all in the pursuit of a robust, equitable, and transparent market ecosystem. […]
- [Breaking: Ongoing Withdrawal Troubles with AximTrade Impact Asian Traders](https://asiatradingnews.com/breaking-ongoing-account-troubles-with-aximtrade-impacting-asian-traders/): AximTrade is currently under intense scrutiny due to recent scam allegations. A series of cases originating from the Philippines have thrust the platform into the spotlight, with claims of traders being unable to withdraw their funds or receive approved withdrawals. This development has caused concern within the international trading community, leading many to question the legitimacy and operations of AximTrade. AximTrade and Hidden Operations Offshore Two partners own AximTrade, an unlicensed offshore broker that operates through a number of companies, including the financial institution First Global Transit Inc. and the payment service AloGateway. According to resources, First Global Transit Inc. is […]
- [Scammers created an internet trading platform to defraud a Singaporean of $800,000](https://asiatradingnews.com/scammers-trading-platform-defraud-singaporean/): Getting conned is one thing, but it’s a whole new level of misery when you appear to earn a lot of money, only to discover that the fraudsters can prevent you from receiving it. This occurred to James (not his actual name) when a “friend” introduced him to a good investment after the pandemic severely reduced his income. The “friend” convinced him to establish a foreign-exchange (forex) trading account and provided him with “insider tips” so that he could trade and generate a profit. James, 55, who previously earned a five-figure salary in the tourism industry, initially invested $800,000 and […]
- [Changes in Forex Regulation in Offshore Jurisdictions](https://asiatradingnews.com/changes-in-forex-regulation-in-offshore-jurisdictions/): Forex brokers have traditionally favored cost-effective and straightforward alternatives for company formation and market entry. Popular offshore jurisdictions like Belize, Mauritius, Seychelles, and Cyprus have attracted businesses due to their advantages in terms of cost, credibility, and regulatory environment. While some market players operate without specific licenses, recent changes in the regulatory landscape have prompted shifts in choices. This article delves into the evolving dynamics of foreign exchange regulation in offshore jurisdictions and its impact on forex brokers. Shifting Landscape: Saint Vincent and the Grenadines Saint Vincent and the Grenadines, once a popular unlicensed but compliant jurisdiction for forex firms, […]
- [Chinese Nationals Arrested in Vietnam For Forex Scam](https://asiatradingnews.com/chinese-nationals-arrested-in-vietnam-for-forex-scam/): The police of central Quang Binh province apprehended 11 people, including two Chinese, for running an online forex scam. Two Chinese with Malaysian ancestry, according to the police, were in charge of the ring. They educated hundreds of Vietnamese people in Cambodia to discover victims and entice them to invest in forex trading through the RosyStyle trading platform. A total of 24 bank accounts were proven to have been used to receive money from victims. Since late 2021, the organization has targeted Vietnamese citizens and swindled more than VND1.8 million. When they arrived at the police station, the suspects admitted […]
- [Report: Revolutionizing the Forex Industry and The Rise of Fintech](https://asiatradingnews.com/revolutionizing-forex-industry-fintech/): In the ever-evolving landscape of finance, the foreign exchange (forex) industry stands as a cornerstone of global commerce. Trillions of dollars exchange hands daily, making it one of the largest and most liquid markets on the planet. However, the forex landscape is not impervious to change; it is currently undergoing a seismic shift due to the relentless advancement of financial technology, or fintech. This convergence of finance and technology is reshaping the forex industry in ways once considered unimaginable. The Genesis of Fintech in Forex The story of fintech’s impact on the forex industry is a tale of innovation born […]
- [Why is Financial Fraud so Prevalent in the Philippines?](https://asiatradingnews.com/why-is-financial-fraud-so-prevalent-in-the-philippines/): In the last few years, the number of financial frauds has been rising rapidly in the Philippines. The local authorities have looked into hundreds of serious cases and scams that involved a vast number of victims. Our investigation team has conducted comprehensive research on this story by interviewing financial consultants, and security analysts who are specialized in anti-money laundering and financial crimes. Financial Frauds in Manila In recent years, there have been several cases under investigation. Some of these cases involve major banks and payment solutions. In 2016, funds stolen from Bangladesh’s central bank were transferred to a Philippine bank […]
- [A Malaysian man loses almost half a million ringgit in forex scam](https://asiatradingnews.com/a-malaysian-man-loses-almost-half-a-million-ringgit-in-forex-scam/): News reports: A Malaysian man in his fifties lost RM485,320 in a forex scam. Sibu OCPD Asst Comm Zulkipli Suhaili stated that on May 23, his commercial crime investigation section got a report from a victim who claimed he had been scammed. “In his report, the victim stated that he had been added to a chat group offering a forex investment opportunity in Hong Kong promising double returns,” he said. According to ACP Zulkipli, the man made a first RM20,000 deposit before being instructed to download the “Meta Traders 4” application. “From November 2022 to March 2023, the victim made […]
- [ASIC Lifts Stop Orders on Saxo Capital Markets](https://asiatradingnews.com/asic-lifts-stop-orders-on-saxo-capital-markets/): In a recent development, the Australian Securities & Investments Commission (ASIC) has taken action against Saxo Capital Markets (Australia) Limited, issuing eight interim stop orders concerning Saxo’s offering of Contracts for Differences (CFDs) to retail investors. Targeting Deficiencies in TMDs ASIC’s decision to impose these stop orders stemmed from concerns regarding deficiencies in Saxo’s target market determinations (TMDs) for select CFD offerings. Specifically, the regulator raised questions about the appropriateness of Saxo’s TMDs for retail clients who incorporate CFDs significantly into their investment portfolios. Additionally, the concerns extended to clients with investment horizons ranging from one to three years and […]
- [500 Malaysian Victims of Forex Scammers in 2023](https://asiatradingnews.com/500-malaysian-victims-of-forex-scammers-in-2023/): The Malaysian Securities Commission (SC) has received reports from 500 victims who had cumulatively lost approximately RM1 million due to fraudulent investment schemes by mid-2023. These individuals have filed complaints, requesting that the Supreme Court investigate the alleged companies for criminal breaches of trust and fraud. In a worrying event, 500 people have fallen victim to scammers running fake investment schemes, resulting in a total loss of approximately RM1 million. These victims have taken action by filing a formal complaint with the Malaysian Securities Commission (SC), requesting that they investigate the companies suspected of criminal breaches of trust and scamming […]
- [3 Brokers are under Investigation for Money Laundering and Fraudulent Trading](https://asiatradingnews.com/brokers-investigation-money-laundering/): The investigations have been ongoing for four to five years on multiple fronts against the three top brokers, who are the leaders of corporate organizations. Senior officials announced on Sunday that three of the country’s leading brokers have come under the scrutiny of multiple regulatory and enforcement agencies, including for suspected money laundering and fraudulent trading activities involving several thousand crores of rupees. Investigations are presently being conducted by SEBI, RBI, and ED against the top three brokers. The officials also stated that the three brokers, whose identities they refused to reveal due to the ongoing nature of the investigations, […]
- [Chasing the Masterminds Orchestrating a Billion-Dollar Scam](https://asiatradingnews.com/chasing-the-masterminds-orchestrating-a-billion-dollar-scam/): BBC Eye Investigations report, 12 April 2023. A multinational scam network has defrauded ordinary investors out of over a billion dollars. A clandestine network of merchants appears to be behind it, according to BBC Eye. Then you hear the phone ring. An old man responds. The caller describes himself as “William Grant” from Solo Capitals, a trading firm. He claims to have a “great promotion” for you. The elderly man appears weak and befuddled. “I’m not interested; I’m not interested,” he said. But William Grant is tenacious. “I only have one question,” he says to the elderly gentleman. “Are you […]
- [Australian Financial Services License Revoked for Cryptocurrency Exchange Binance](https://asiatradingnews.com/australian-financial-services-license-revoked-for-cryptocurrency-exchange-binance/): Report: 9News, by Savannah Meacham. The world’s biggest cryptocurrency exchange has lost its Australian financial license after an investigation by Australia’s corporate watchdog, forcing local investors to wind up their assets immediately. The Australian Securities and Investments Commission (ASIC) revealed that it had canceled Binance’s Australian financial services licence following a request from the company. “ASIC has been conducting a targeted review of Binance financial services business in Australia, including its classification of retail and wholesale clients,” the consumer watchdog said. The review was sparked by Binance’s announcement in February that hundreds of retail customers had been classified as wholesale investors – […]
- [AloGateway Suspended From China](https://asiatradingnews.com/alogateway-suspended-from-china/): According to news resources in Shanghai, AloGateway has been barred from conducting certain foreign exchange transactions with the local payment systems in China. The country’s authorities have been taking several steps to strengthen its financial regulations and contingency plans to mitigate the risks posed by anomalous cross-border capital flows. AloGateway has been operating in the Chinese market for several years and offers businesses instant access to multiple Chinese payment solutions, including China UnionPay. The company has been a pioneer in supporting all CUP-branded cards. Eventually, in 2022, the AloGetway payment solution for b2b faced several complaints from Chinese customers and […]
- [Call Center in Manila Seized on Suspicion of Ties to Scheme Defrauding Australians](https://asiatradingnews.com/call-center-in-manila-seized-on-suspicion-of-ties-to-scheme-defrauding-australians/): On October 5, 2022, at a call center on the eastern outskirts of Metropolitan Manila, dozens of employees are calling Australians. This call center is purportedly connected to sophisticated multimillion-dollar schemes that targeted Australians’ retirement funds. According to the ABC program 7.30, a scam “cloned” or improperly used real information without the consent of a business that the financial goliath AMP controlled. According to the victims, cloning and other deceptive techniques made the scheme appear to be a legitimate, Australian-regulated financial advice firm. The Australian Securities and Investments Commission has confirmed that “some investigations are at an advanced stage” as […]
- [Thai Influencer On The Run After Forex Scam Cost Followers $55M](https://asiatradingnews.com/thai-influencer-on-the-run-after-forex-scam-cost-followers-55m/): Fortune reported that a popular Thai YouTuber defrauded thousands of individuals of $55 million through a foreign exchange trading scheme. Thai YouTuber On the Run Nutty, as Nathhamon Khongchak, has over 847,000 members on the video-sharing platform, where she became famous for sharing dancing clips.After attracting customers, she advertised private forex trading lessons on Instagram. She promised her followers a return on their investment, but they never did. The social media celebrity who convinced over 6,000 people to invest worked with Thai police to file accusations against dozens of her purported victims. Reports say followers were guaranteed 35% profits on […]
- [16 people will be questioned in Thailand for the Forex-3D Ponzi scheme](https://asiatradingnews.com/16-people-questioned-thailand-forex-ponzi-scheme/): Report by Thai PBS News: According to Pol Maj Woranan Srilam, spokesman for the Department of Special Investigation, sixteen more suspects will be called in for questioning in relation to the Forex-3D foreign exchange futures scam. He claimed today (Friday) that the Office of the Attorney-General (OAG) had suggested that the DSI file lawsuits against 16 additional people who were thought to be Ponzi scheme participants. He clarified, however, that according to protocol, the 16 individuals named by the OAG must first be called in for questioning before DSI investigators can determine whether any of them needs to be charged […]
- [Revolutionizing the Trading Industry: The Top News Website for Traders](https://asiatradingnews.com/the-top-news-website-for-traders/): In the fast-paced world of trading, being in the know is the name of the game. To keep your trading journey on the right track, you need the latest scoop on trading platforms and industry happenings. That’s why we’re thrilled to introduce the hottest trading platform news source around. We’ve got all the inside connections to help you stay ahead of the curve and make informed choices. Our dedicated team of experts is on the ball, working tirelessly to bring you the freshest and most relevant news out there. Whether you’re itching to know what’s new in the world of […]
- [Young Crazy Rich Indonesians Were Accused of Investment Fraud](https://asiatradingnews.com/young-crazy-rich-indonesians-were-accused-of-investment-fraud/): Reports: By Hellena Souisa, ABC News. When social media influencers Indra Kesuma and Doni Salmanan appeared on an Indonesian television program to show off their wealth in January, the studio audience laughed and applauded hearing about their “flexing”. In Indonesia, both men are known as ‘crazy rich’ Indonesians, a title given to wealthy young people who flaunt their possessions on social media. Mr Kesuma, who goes by Indra Kenz, admitted to once buying an electric car for more than 1.9 billion rupiah ($180,000) at 3am because he could not sleep, and stumping up $30,000 for a T-shirt, which he considered “very cheap”. Mr Salmanan […]
- [The Rise of Trading Platforms: Revolutionizing the Industry](https://asiatradingnews.com/the-rise-of-trading-platforms-revolutionizing-the-industry/): The Changing Landscape of Trading Platforms The financial industry is undergoing a dramatic transformation, with trading platforms emerging as the driving force behind this revolution. These online platforms have revolutionized the way individuals and businesses trade in financial markets, making it easier, faster, and more accessible than ever before. Trading platforms provide users with a wide range of tools and features, allowing them to execute trades, analyze market trends, and access real-time data from anywhere in the world. This level of convenience and flexibility has attracted a growing number of traders, from beginners to seasoned professionals. The Benefits of Trading […]
- [Forex Trading Fraud Flourishes in Vietnam: Unmasking Illegal Brokers](https://asiatradingnews.com/forex-trading-fraud-flourishes-in-vietnam-unmasking-illegal-brokers/): Vietnam is facing a distressing surge in forex trading fraud, leaving countless investors in financial ruin as cunning con artists promise them sky-high returns. The lure of quick riches has attracted hundreds of thousands into a web of deceit, where fraudulent platforms exploit their dreams and hard-earned money. Just last Tuesday, the veil was lifted on a sprawling illegal trading network based in Hai Phong. Authorities uncovered a labyrinthine operation encompassing 16 platforms, ensnaring more than 115,700 investors who collectively invested a staggering VND7.5 trillion ($326 million). Among these platforms was Hitoption.net, a seemingly legitimate forex trading site that had […]
- [Arrest Warrants Issued for Gambling Fraudster Sherwin Quiambao](https://asiatradingnews.com/arrest-warrants-issued-for-gambling-fraudster-sherwin-quiambao/): Sherwin Quiambao, accused of fraud, found himself in significant legal peril once more as an arrest warrant was issued. This brought an early gift to the Asian online gaming industry, highlighting the incompetence of the con artists involved. Sherwin Quiambao, Jan Robert Gustaffson, Sylvia Bernadette Gonzales de Guzman, and Maria Arleen Aldaba all face multiple counts of qualified theft and criminal fraud, which resulted in arrest warrants being issued in the Philippines on December 14 for each of the aforementioned individuals. Before their arraignment and the beginning of pre-trial proceedings on January 20, 2021, Aldaba and de Guzman both posted […]
- [Navigating the World of Trading Platforms: Stay Informed with Our Top News Website](https://asiatradingnews.com/navigating-the-world-of-trading-platforms-stay-informed-with-our-top-news-website/): Understanding the Trading Platform Landscape When it comes to trading platforms, staying informed is key to making successful investment decisions. Whether you are a seasoned trader or just starting out, having access to the latest news and updates is crucial. At our top news website, we strive to provide you with comprehensive coverage of the trading platform industry. With so many trading platforms available, it can be overwhelming to choose the right one for your needs. Our website offers valuable insights and analysis on the various trading platforms, helping you navigate through the options and make informed decisions. The Latest […]
- [The Emergence of Online Trading Platforms: Enabling Investor Empowerment in the Era of Digitalization](https://asiatradingnews.com/the-rise-of-online-trading-platforms/): The market for online trading platforms is projected to see a significant growth trajectory, with an anticipated increase from USD 14,226.4 million in 2022 to USD 22,953.6 million in 2032. This growth is expected to occur at a compound annual growth rate (CAGR) of 4.9% during the forecast period of 2023-2032. The advent of online trading platforms in recent years has brought about a significant transformation in the manner in which investors engage in the purchase and sale of securities. These platforms offer investors the opportunity to access a diverse array of financial products, such as stocks, bonds, ETFs, and […]
- [How to Avoid Investment Fraud and Scams](https://asiatradingnews.com/how-to-avoid-investment-fraud-and-scams/): Learn how to identify investment fraud and how to avoid falling victim to one. Scammers employ sophisticated methods to induce victims to part with their money. There are warning signs you can look out for to avoid investment schemes. High yields with little or no riskBe wary of investment opportunities that claim to protect or guarantee your capital while promising high returns. The greater the expected return on an investment, the greater the associated risk. Numerous investment frauds use lucrative assurances to entice victims. Pressure techniques Limited offers, time-sensitive gifts, and rebates are common tactics used in investment schemes to […]
- [Forex Scam Investigation with Our team](https://asiatradingnews.com/forex-scam-investigation-with-our-team/): Foreign exchange, or ‘forex’ trading, poses significant risks, with internet fraudsters taking advantage of the turbulent market to steal investors’ money. As an independent team of journalists, we offer specialized investigation services to help victims of forex scams identify the perpetrators and recover their losses. A global team in currency fraud investigations, drawing on a global network of whistleblowers, expert witnesses, and foreign partner organizations. With over 10 years of evidence-gathering experience, our licensed network of investigators deciphers fraudulent forex trading activities to identify the criminals and money trails behind them. This useful insight and information can be used to […]

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