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Retail FX

Two Aussie Directors of Troubled FX and CFDs Broker XTrade Banned

  • One of the directors is facing a two-year ban from carrying out any financial services business, while the other is facing a five-year ban.
  • ASIC also cancelled the broker's licence earlier this year.
Thursday, 18/07/2024 | 06:15 GMT by Arnab Shome
CryptoCurrency

BitConnect’s Australian Frontman Has Been Convicted but Released

  • John Bigatton promoted the country's fraudulent cryptocurrency scheme.
  • He previously pleaded guilty to the charges brought by ASIC.
Monday, 15/07/2024 | 06:05 GMT by Arnab Shome
FinTech

PayPal Australia's Unfair Contract Term: Court Favours Small Businesses

  • The payment giant used a contract term that was unfair to small businesses.
  • However, no business suffered loss or damage due to the unfair term.
Friday, 05/07/2024 | 05:25 GMT by Arnab Shome
Retail FX

Is Your FX/CFD Brokerage ASIC-Approved? Regulator Demands Record Clean-Up

  • The market watchdog urges AFS licensees to correct errors in financial adviser records.
  • The regulator considers enforcement action for non-compliance.
Monday, 01/07/2024 | 08:58 GMT by Damian Chmiel
Retail FX

Australian Watchdog Steps Up Oversight of Financial Advisers and Traders

  • ASIC announces new reporting rules for financial advisers using the experienced provider pathway.
  • The regulator also calls on market intermediaries to strengthen the supervision of communication.
Wednesday, 26/06/2024 | 06:02 GMT by Damian Chmiel
FinTech

iSignthis Misled Investors: Aussie Court Rules

  • The company misled its investors about its revenue.
  • The court highlighted that ASIC could not prove the allegations against the former MD and CEO of the company.
Friday, 21/06/2024 | 11:45 GMT by Arnab Shome
CryptoCurrency

ASIC Seeks to Impose Penalty on This Crypto Firm Since 2022, Court Interferes

  • The Aussie market watchdog is appealing a Federal Court decision regarding Block Earner.
  • The court relieved it from paying an AU$350,000 penalty for offering unlicensed financial services.
Tuesday, 18/06/2024 | 06:25 GMT by Damian Chmiel
Retail FX

XTrade Lost Australia License for Lapses in CFDs Offerings

  • The broker failed to comply with licensing obligations between June 2018 and September 2022.
  • It attempted to receive a stay order on the regulatory decision but failed.
Thursday, 06/06/2024 | 05:35 GMT by Arnab Shome
CryptoCurrency

ASIC Fails to Impose Any Penalty on Block Earner for Unlicensed Offerings

  • The regulator was seeking a civil penalty of AU$350,000 from the crypto company.
  • The court pointed out that Block Earner acted honestly and not carelessly when it offered the Earner product.
Tuesday, 04/06/2024 | 05:57 GMT by Arnab Shome
Regulation

ASIC Permanently Bans Melbourne Director for $650K Client Fraud

  • The Aussie regulator has restricted Christopher David Nairn from the financial industry.
  • According to ASIC, he falsified documents and misappropriated customers' funds.
Thursday, 30/05/2024 | 06:21 GMT by Damian Chmiel
Retail FX

ASIC Aims to Simplify Search for Information on Licensed Brokers

  • Data from ASIC Connect will be transferred to the Professional Registers Search.
  • The regulator aims to simplify consumers' search for information about licensed firms.
Tuesday, 28/05/2024 | 06:47 GMT by Damian Chmiel
Retail FX

Former DanFX Director Gets Over 7 Years in Jail for Fraud

  • He misappropriated investors’ funds and even paid off early investors like a Ponzi scheme.
  • He has been in prison since November 2021.
Monday, 27/05/2024 | 05:50 GMT by Arnab Shome
Payments

Argentex Expands Global Reach with AFSL for Currency Risk Management

  • The firm expands to offer tailored currency risk solutions to Australian wholesale clients.
  • The ASIC-granted AFSL allows managing currency volatility while operating as a remittance provider registered with AUSTRAC.
Thursday, 23/05/2024 | 09:40 GMT by Tareq Sikder
Retail FX

Aussie Regulator Hits TMGM for Lapses in CFDs Client Onboarding

  • The stop order prevents the broker from opening new accounts and dealing in CFDs and margin FX.
  • "We are actively working towards addressing the stop order": TMGM.
Thursday, 23/05/2024 | 06:30 GMT by Arnab Shome
Retail FX

ASIC Chairman Urges AI Reforms in Finance Sector

  • Joe Longo has warned that current regulations may not be sufficient.
  • He emphasized the need for changes and proactive oversight.
Tuesday, 21/05/2024 | 07:01 GMT by Damian Chmiel
CryptoCurrency

Aussie Frontman of BitConnect Pleads Guilty

  • John Bigatton promoted the fraudulent scheme on social media and through seminars.
  • He pled guilty to promoting financial services products without any licence.
Friday, 17/05/2024 | 05:58 GMT by Arnab Shome
Retail FX

ASIC Takes Aim at Cold Calling Business Models Harming Consumers

  • The Aussie regulator has issued a warning to unlicensed entities making unsolicited contact with consumers.
  • It is also important to AFS licensees that receive consumer details.
Wednesday, 15/05/2024 | 06:26 GMT by Damian Chmiel
Retail FX

High-Pressure Cold Calling Tactics Draw Aussie Regulator's Attention

  • The cold-calling operators have lead generation and referral arrangements with some financial advisers.
  • They usually target people aged between 25 and 50 years.
Tuesday, 07/05/2024 | 05:54 GMT by Arnab Shome
CryptoCurrency

ASIC Scores Legal Victory: BPS Financial Found Guilty in Qoin Wallet Case

  • Further proceedings for penalty determination have been set for later in 2024.
  • According to the court, the firm misled consumers about the Wallet's registration, usage, and exchangeability.
Friday, 03/05/2024 | 08:31 GMT by Tareq Sikder
Retail FX

ASIC Says: Prepare Now for Mandatory Climate Reporting

  • The regulator is urging companies to start preparing for new climate requirements.
  • Despite the pragmatic approach, it emphasizes that proactive preparation is crucial.
Tuesday, 23/04/2024 | 07:45 GMT by Damian Chmiel
Retail FX

ASIC Pulls the Plug on This Retail Broker's Financial Services License

  • The regulator has revoked JB Markets' Australian Financial Services license.
  • The move comes after the company failed to meet financial requirements.
Monday, 22/04/2024 | 07:57 GMT by Damian Chmiel
Retail FX

This Regulator Bids Farewell to Long-Serving Top Executives

  • ASIC announced leadership changes amid ongoing transformation.
  • The current CEO, Warren Day, is leaving the institution after over 20 years of service.
Monday, 15/04/2024 | 08:01 GMT by Damian Chmiel
CryptoCurrency

$41 Million Crypto Investment Scheme Collapses in Australia

  • The court-appointed receivers for the digital assets held by three companies operating the scheme.
  • The scheme offered a maximum fixed return of 16 percent.
Friday, 12/04/2024 | 07:35 GMT by Arnab Shome
Retail FX

Aussie Court Orders CFDs Broker Prospero Markets to Shut Down, Appoints Liquidators

  • ASIC previously suspended its AFS license for failing to lodge annual financial statements and audit reports.
  • The regulatory action followed charges against some of its former employees in a $229 million money laundering scheme.
Thursday, 11/04/2024 | 06:03 GMT by Arnab Shome
Retail FX

Dirty Truth of Clean Investments: ASIC Triumphs in Historic Greenwashing Case

  • Vanguard admits to misleading investors about ESG screens in its billion-dollar fund.
  • It marks ASIC's first victory in combating misleading ESG claims.
Thursday, 28/03/2024 | 08:10 GMT by Damian Chmiel
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