S A M Trade Asia Pte. Ltd. (SMFX)

[AlexR1]

News from the company, important part is no mentioning of custodian accounts or that all customers funds is safe.

Instead they use the term:
The companies and its officers are seeking legal advice to consider options related to gaining access to the clients’ deposits to meet any withdrawal request by customers / investors based on contractual obligations on a best-efforts basis.

https://www.samtradefx.com/news/corporate-statement-faq
Best effort is in my opinion a very strong indication that the funds not are sufficient to cover customers account balance.