Trade360 Operator Surrenders Australia License amid ASIC Investigation

The Australian Securities and Investments Commission (ASIC) announced on Thursday that over-the-counter (OTC) derivatives provider Sirius Financial Markets Pty Ltd, which operates under the brand Trade360, has surrendered its Australian Financial Services license.

The company is now winding down its retail and wholesale operations from Australia and is aiming to cease offering financial services from 29 July 2022.

It came after a regulatory investigation against the OTC derivatives provider, surfacing several license violations.

“ASIC’s investigation uncovered concerning consumer losses from trading in CFDs, including a Sirius Financial investor, who had limited knowledge of the market, losing over $400,000 after being told CFDs were a safe investment,” said ASIC’s Commissioner, Danielle Press.

According to the regulatory investigation, the company engaged an offshore call center Call Center In general, a call center is defined as an office equipped with the technology and hardware to handle and process a large volume of incoming or outgoing phone calls. Call Centers today have expanded from simple telecommunication to all forms of communication, including online customer support and live chat features and the use of VOIP, including video calls. Initially, call centers were designed for selling or taking orders and for customer support. Call centers of yesterday were the precursor o In general, a call center is defined as an office equipped with the technology and hardware to handle and process a large volume of incoming or outgoing phone calls. Call Centers today have expanded from simple telecommunication to all forms of communication, including online customer support and live chat features and the use of VOIP, including video calls. Initially, call centers were designed for selling or taking orders and for customer support. Call centers of yesterday were the precursor o Read this Term, Toyga Media Ltd, to source clients, who would be trading high-risk instruments like contracts for differences (CFDs) and margin forex contracts.

The call center used pressure selling tactics to persuade the clients to trade on the Sirius’ platform. They even provided clients with financial advice, but Sirius was not licensed for offering such services.

Additionally, ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term stated that “Sirius Financial was also found to have engaged in unconscionable conduct and conduct that was likely to mislead or deceive.”

Ban on Executives

Moreover, the Aussie regulator banned two of Sirius Financial’s former executives, Jonathan Schneider and Oskar Pecyna, for eight years from controlling any financial services business or holding any executive or management role in such companies.

Both Schneider and Pecyna were involved in the license obligation breaches by Sirius. They were not adequately trained and not competent in controlling a financial services business, the regulator stated.

“In reaching these findings, ASIC found that both men failed to adequately perform their duties as responsible managers and lacked the necessary professionalism, integrity, judgement and diligence to play a role in the management or control of a financial services provider,” ASIC added.