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1 Beach Road, Central, Singapore
Reason for this visit
The mature, open, and stable foreign exchange market in Singapore plays a significant role in Asia, boasting a large scale and massive daily trading volumes. As one of the major financial centers in Asia, Singapore enjoys a highly active forex market, attracting investors and traders worldwide. In terms of regulation, Singapores forex market operates within a well-regarded regulatory environment overseen by the Monetary Authority of Singapore (MAS). Forex brokers in Singapore must adhere to strict regulatory requirements, including adequate capital, segregated client fund, transparent operation, reporting obligations, and more. Singapore's forex market is home to numerous forex brokers of varying types and sizes, encompassing both traditional and online forex brokers. Driven by robust regulation and technological innovation, the Singapore forex market holds promising development prospects. With the acceleration of digitization and internationalization, the Singapore forex market is poised to remain a key center for forex trading in Asia and globally. In an attempt to help investors better understand the current forex brokers in Singapore, WikiFX survey team decides to go to the country for on-site visits to local companies.
On-site visit
In this issue, the survey team went to Singapore to visit forex broker Moomoo as planned according to its regulatory address that 1 Raffles Quay, #39-02, North Tower, Singapore 048583.
The investigators came to 1 Raffles Quay in Singapore for an on-site visit to the broker‘s office, and located the North Tower in the Raffles Place in the city’s CBD. The giant building complex consists of a 50-story North Tower and a 29-story South Tower, with a total area of 1.3 million square feet, specially designed for banks and financial companies. Upon arrival at the extraordinary building, characterized by its premium appearance and professionalism, the survey personnel prominently spotted a spacious reception area with high security. However, people were not allowed to enter without an access card due to the stringent security rules in the building. In the meantime, photographs and chats were also prohibited to comprehensively protect privacy and maintain order.
The inspection team, tasked with pinpointing Moomoo's office location, took photos of the building directory with their devices, hoping to find clues. However, after careful examination, they were disappointed to discover that there was no trace of “Moomoo” in the directory, and Suite 39-02 had no company signage. Faced with this deadlock, the survey personnel did not give up and instead searched for Moomoo's official website, only to find that its registered address was Tower 2 #31-01, 10 Marina Blvd, Singapore 018983, which was completely different from the target address for this on-site visit.
Based on the various findings from the field survey, including the missing company name and the incorrect address information, it is clear that Suite 39-02, North Tower, 1 Raffles Quay, Singapore, is not the office location of Moomoo. Therefore, we confirm that the broker Moomoo does not exist at the aforementioned address.
Conclusion
The survey team went to Singapore to visit forex broker Moomoo as scheduled, but did not find the company at its regulatory address. Accordingly, investors are advised to make a sensible decision following a comprehensive consideration.
Disclaimer
The content is for informational purpose only, and shall not be taken as a final order for making a choice.
Website:https://www.moomoo.com/my
Website:https://www.moomoo.com/my
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