We verified 366 forex, CFD and online-trading warning-list entries across 3 official Asian regulator registers — Thailand's SEC, the Philippines' SEC and Malaysia's SC. Thailand alone accounts for 318. 239 entries were first listed in 2025 or 2026. Every entry means the firm is unlicensed or unauthorised to operate / solicit in that jurisdiction — not a ruling of fraud.
Verified entries by regulator
| Regulator | Jurisdiction | Entries | Source |
|---|---|---|---|
| SEC Thailand Securities and Exchange Commission, Thailand | Thailand | 318 | Source |
| SEC Philippines Securities and Exchange Commission, Philippines | Philippines | 38 | Source |
| SC Malaysia Securities Commission Malaysia | Malaysia | 10 | Source |
| Total verified | 366 | ||
Thailand dominates because its SEC publishes the full Investor Alert list as openly readable HTML. The other registers are read entry-by-entry, so we verify a smaller, hand-checked sample from each — see Methodology.
Verified entries by year first listed
Across the three registers, by the date each entry was first added (where the register shows a date). 2026 is a part-year (to June).
Most recently added (SEC Thailand Investor Alert)
The newest forex/CFD sites added to Thailand's SEC Investor Alert list, with the SEC's listing date. Listing means the operator is not licensed to offer its services in Thailand.
| Site / entity (verbatim) | Listed | Category (regulator wording) |
|---|---|---|
| h5.zok.lat | 2026-06-15 | Unlicensed securities & derivatives |
| bitvolut.com | 2026-06-10 | Unlicensed securities & derivatives + digital asset |
| Axi | AxiTrader | Axi Trading Platform | 2026-06-08 | Unlicensed securities & derivatives + digital asset |
| mogfex.vip | 2026-05-28 | Unlicensed digital asset |
| primexcapita.com | 2026-05-28 | Unlicensed securities & derivatives + digital asset |
| apexcapitaloptions.com | 2026-05-27 | Unlicensed digital asset |
| wap.citicorpsecurities.com (app CSTNext) | 2026-04-30 | Unlicensed securities & derivatives |
| wealth-x-pro.com | 2026-03-05 | Unlicensed securities & derivatives |
| kineticworldwideassets.com | 2026-03-02 | Unlicensed securities & derivatives |
| UITFX / United International Trading Co., Ltd | 2026-01-19 | Unlicensed securities & derivatives |
International brokers flagged across Asian regulators
Well-known offshore brokers that appear on an Asian regulator's list because they are not locally licensed in that market. This is a regulatory-status statement ("unlicensed locally"), not an accusation of fraud — the very brokers many comparison sites rank can still appear here for lacking a local licence.
| Broker brand | Flagged by |
|---|---|
| XM | SEC Philippines (2024-04-04) · SEC Thailand |
| Exness | SEC Philippines (2026-01-05) |
| FBS | SEC Philippines (2026-01-08) |
| VT Markets | SEC Philippines (2026-01-07) · SEC Thailand (2025-09-17) |
| HF Markets (HFM) | SEC Philippines (2026-01-05) |
| OctaFX / Octa | SEC Philippines (2023-11-23) |
Indonesia (flagship market): the official figures
Indonesia is the largest forex market in Southeast Asia, but neither Bappebti (the commodity-futures regulator) nor OJK/Satgas PASTI publishes an openly enumerable forex-broker blocklist as data we could read entry-by-entry. So rather than invent entries, we report the regulators' own published aggregate figures — each traceable to an official source.
Download the full dataset
All 366 verified rows — entity/site, regulator, jurisdiction, date first listed, the regulator's own category, and source URL — as a semicolon-delimited CSV. Free to reuse with attribution (CC BY 4.0).
asia-regulator-warning-list-2026.csvMethodology
What we counted. The unit of analysis is a single flagged entity, website or advisory on an official Asian regulator surface, restricted to forex / CFD / online-trading entries. Every figure on this page is an exact count of entries we read directly from a regulator's own published source — no estimates, no extrapolation, no rounding.
Registers and how we pulled them (snapshot: 24 June 2026):
- SEC Thailand — 318 entries. The SEC Thailand Investor Alert list is published in full as openly readable HTML; we read it entry-by-entry and filtered to forex/CFD/online-trading entries first listed from 2024 onward. The SEC tags each as "Unlicensed securities and derivatives business" and/or "Unlicensed digital asset business". The full list states 8,830 records across all categories. Source.
- SEC Philippines — 38 entries. Named forex/CFD/online-trading advisories from the Philippine SEC, each carrying the verbatim entity name, the advisory date and the official sec.gov.ph advisory URL. The SEC's wording is that the entity is "not authorised to solicit investments / sell securities" in the Philippines. Source.
- SC Malaysia — 10 entries. Forex/CFD-style entries read directly off the SC Malaysia Investor Alert List, each taken with its website and the SC's own category wording (e.g. "Unlicensed dealing in securities"). The SC page is long and paginated; we report a hand-verified sample read directly from the live page rather than estimate the full count. Source.
Coverage gaps we did not paper over. Indonesia — neither Bappebti nor OJK/Satgas PASTI publishes an entry-level forex-broker blocklist we could read as data; we report only their official aggregate figures (above), each linked to an official source. Vietnam — neither the State Securities Commission nor the State Bank of Vietnam publishes an openly enumerable list of named operators (the SSC site is JavaScript-gated; the SBV issues general prohibitions only), so Vietnam contributes zero counted entries here. India is excluded from this dataset by design: offshore retail forex is illegal for Indian residents under FEMA, so we publish honest-legality information for India, not a broker-warning dataset.
Reproduce it. Download the CSV above; each row carries its regulator and source URL. Re-pulling the sources on a later date will give different counts because the registers change continuously.
How to read this data — and what it does not say
- A warning-list / advisory entry means "not licensed / not authorised to operate here" — not "proven fraud." Each regulator lists a firm because it lacks the licence that regulator requires to offer investment, forex or CFD services in its jurisdiction. That is a regulatory-status statement, not a court finding of fraud or theft.
- Internationally regulated is not the same as locally licensed. A broker can hold a valid CySEC, FCA or ASIC licence and still appear on a Thai, Philippine or Malaysian regulator's list — because it is not licensed in that specific market. Several mainstream offshore brokers appear here for exactly that reason.
- This is a point-in-time snapshot (24 June 2026). Registers change continuously. A firm can be removed once it becomes authorised, ceases activity, or the regulator updates its list. Always check the live register before relying on any single entry.
- Absence from a list is not a clean bill of health. A firm not appearing on any of these registers has not been "cleared" — it may simply not have been reviewed. Verify a broker on its home regulator's register before depositing, and never treat funding convenience (GoPay, OVO, DANA, GCash, Maya) as evidence of regulation.
Frequently asked questions
What does it mean if a forex broker is on an Asian regulator's warning list?
It means that regulator has stated the firm or website is not licensed or authorised to offer investment, forex or CFD services in that jurisdiction. It is a regulatory-status finding — the firm lacks a licence the regulator requires — not, by itself, a court finding of fraud. Always check the regulator's own published entry, which we link for every figure on this page.
How many forex/CFD entries did you verify, and across how many registers?
We verified 366 forex/CFD/online-trading entries across three official registers: the SEC Thailand Investor Alert list (318, from 2024 onward), named SEC Philippines advisories (38) and a hand-verified sample from the SC Malaysia Investor Alert List (10). Each entry carries the regulator, the date first listed where shown, the regulator's own category wording, and a link to the source register.
Why isn't Indonesia in the entry-level dataset if it's the flagship market?
Because neither Bappebti nor OJK/Satgas PASTI publishes an openly enumerable forex-broker blocklist we could read entry-by-entry. They publish aggregate figures (Bappebti blocked 1,046 illegal futures domains in 2024; Satgas PASTI stopped 953 illegal entities in Q1 2026), which we report honestly and link to official sources. We do not fabricate individual entries to fill the gap.
Can a broker be removed from a warning list?
Yes. These registers are point-in-time snapshots. A firm can be removed once it becomes authorised, ceases activity, or the regulator updates the list. Our dataset reflects the registers as pulled on 24 June 2026; always re-check the live register before relying on any single entry.
Were there registers you could not verify?
Yes, and we excluded them rather than estimate. Vietnam's State Securities Commission site is JavaScript-gated and the State Bank of Vietnam issues only general prohibitions, so no Vietnamese named operators are counted. Indonesia publishes aggregate figures but no entry-level forex blocklist. India is excluded by design — offshore retail forex is illegal there under FEMA, so we publish honest-legality information, not a broker dataset. Every counted figure reflects only what we could read directly from a regulator's own page.