MAS Regulatory License Inquiry Steps | How to Verify a Forex Platform is Regulated by the Monetary Authority of Singapore

1. Why do you need to check the MAS license?

MAS (Monetary Authority of Singapore) is one of the strictest financial regulators in Asia, responsible for supervising banks, securities, foreign exchange and financial services companies.

Significance of checking MAS license:

• Fund security : Only companies authorized by MAS can operate in compliance with regulations.

• Beware of scams : A large number of platforms falsely claim to be “regulated in Singapore” but are not registered with MAS.

• Investment decision reference : Different license types represent different business scopes (e.g. retail forex vs. capital markets services).

📌 Official website:

• 🔗 MAS Financial Institutions Directory

• 🔗 MAS Investor Alert List

2. MAS License Types

1. Capital Markets Services License (CMSL)

• Companies are allowed to provide capital market services, including foreign exchange contracts, derivatives, fund management, etc.

• Commonly seen among Forex/CFD traders.

2. Financial Adviser's License (FAL)

• Provide financial advisory services, but may not directly provide foreign exchange/CFD products.

3. Exempt Financial Institutions

• Some banks or large financial groups are exempted from holding a separate CMSL.

3. MAS Query Steps

1. Open the MAS Financial Institutions Directory .

2. Enter the company name (full English name) or keywords.

3. Review the results and confirm:

• Entity Name

• Licence Type

• License Status (Status: Active/Revoked/Expired)

• Activities Permitted

• Address/Contact (whether the address and contact information are consistent with the official website)

At the same time, it is recommended to cross-check:

• 🔗 MAS Investor Alert List — Verify if the company is on the warning list.

4. Practical Cases

✅ Compliance case: DBS Bank Ltd

• Entity Name : DBS Bank Ltd

• License Type ：Capital Markets Services License

• Status : Active

• MAS Search Page : 🔗 DBS in MAS Directory

• Official website : 🔗 DBS official website

• Result: Complete match, compliant✅

❌ Risk Example: MAS Investor Alert List

• Example : CryptoFx Markets (Fake Forex Platform)

• Warning : Listed on the 🔗 MAS Investor Alert List

• Problem : Pretending to be regulated in Singapore, but actually having no license.

• Result: High Risk ❌

5. Common Scams and Verification Points

• Stealing bank names : Some black platforms pretend to be subsidiaries of large Singaporean banks.

• Fictitious CMSL number : A forged license number that does not exist in the MAS system.

• The official website does not match the registration : the registered company address is in Singapore, but the actual operating website is from overseas.

• Warning list signal : Once it appears on the MAS Investor Alert List, it should be avoided immediately.

6. Cross-validation Channel

1. MAS Directory (Financial Institutions Directory)
   👉 The only official platform that can verify licensed companies.

2. MAS Investor Alert List
   👉 Target unregulated or fake companies.

3. Enterprise cross-query

• You can use 🔗 ACRA BizFile+ to check company registration information.

• Verify the registered address and legal representative information.

7. Investor Recommendations

• Before investing, you must double-check the MAS Directory + Investor Alert List .

• Simply displaying the license plate number on the official website is not sufficient to prove compliance.

• You should confirm that the three elements of company name + license type + status are exactly the same.

• Stay away from companies that appear on the Investor Alert List immediately.

8. Conclusion

MAS is one of the most trusted regulatory bodies among Asian investors. Compliant companies (such as DBS Bank) can be easily verified in the MAS system, while fraudulent companies (such as CryptoFx Markets) will be warned by MAS.

When investing in the Singapore market, investors must conduct double verification through MAS Directory + Investor Alert List to ensure the safety of their funds.

📌Further reading

• 🔗 FCA Register Official Inquiry

• ASIC Connect license query

• 🔗 NFA BASIC Official Inquiry