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Retail FX

ASIC’s Anti-Scam Drive: Over 2,500 Investment Fraud, Phishing Websites Face Action

  • The regulator implemented a new scam website takedown capability.
  • It has already taken down 2,100 websites.
Thursday, 02/11/2023 | 08:10 GMT by Arnab Shome
Retail FX

News Nuggets | 30 October: HSBC's $3B Share Buyback; Railsr $24M Funding Round

  • Also, Laser Digital and Nomura debuted in The Sandbox metaverse; MAS partnered for digital assets innovation.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Monday, 30/10/2023 | 10:37 GMT by Finance Magnates Staff
Retail FX

News Nuggets | 26 October: Ninja Traders's New Version; ASIC Starts Awareness Campaign

  • Also, Mastercard and MoonPay collaborate; LSEG adopts Oracle Cloud and profits from StanChart, Euroclear and BNP Paribas.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Thursday, 26/10/2023 | 11:16 GMT by Finance Magnates Staff
Retail FX

ASIC Suspends Celtic Equities Management's AFS License for Six Months

  • ASIC's regulatory action stems from Celtic Equities Management's compliance failures.
  • Celtic Equities Management has held an AFS license since 2003.
Monday, 23/10/2023 | 06:56 GMT by Tareq Sikder
Retail FX

Good News for AFS Licensees: ASIC Eases Breach Reporting Rules

  • If a regulation breach didn't harm the client, there's no need to report it.
  • Additionally, ASIC has extended the reporting period for significant matters from 30 to 90 days.
Thursday, 19/10/2023 | 09:48 GMT by Damian Chmiel
CryptoCurrency

Australia Proposes Tighter Crypto Rules: Mandatory Licenses and Reviews

  • Crypto exchanges need to obtain licenses from ASIC.
  • Kraken’s Australia Director called it the “shoehorning” of crypto in financial services regulations.
Monday, 16/10/2023 | 06:29 GMT by Arnab Shome
CryptoCurrency

‘Similar to a Bank Account’: Aussie Fintech Fined for Misrepresentation of Crypto Product

  • The product claimed to be risk-free, offering an annual return of 7.6 percent.
  • It received about AU$1.6 million from around 700 customers.
Wednesday, 27/09/2023 | 06:35 GMT by Arnab Shome
Institutional FX

ANZ Hit with $15 Million Fine for Misleading Almost 200,000 Customers

  • The federal court orders against ANZ for misleading customers about credit card fees.
  • Over 186,000 accounts have been remediated, with some customers charged thousands in USD.
Tuesday, 26/09/2023 | 09:03 GMT by Damian Chmiel
Retail FX

ASIC Grants 332 Australia Financial Services License in FY23

  • The number decreased significantly from the previous year.
  • The regulator also suspended 26 AFS licenses last year.
Thursday, 21/09/2023 | 07:55 GMT by Arnab Shome
CryptoCurrency

Aussie Operator of Kraken Sued over Design and Distribution Failures

  • The Aussie regulator took action against the platform's margin trading product.
  • Kraken is "surprised and disappointed" with the regulatory action.
Thursday, 21/09/2023 | 06:22 GMT by Arnab Shome
Brokers

ASIC Fines Interactive Brokers for Allowing Suspicious Trading

  • The broker's surveillance system triggered 44 'marking the close' alerts.
  • The regulator called it 'negligent' and 'reckless' conduct.
Wednesday, 20/09/2023 | 07:04 GMT by Arnab Shome
Op-ed
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Retail FX
Op-ed
Op-ed

FX and CFDs Brokerage Licences: To Buy or Apply?

  • Costs for licenses differ significantly depending on location.
  • Regulatory appetite for new market entrants is a key consideration.
Thursday, 14/09/2023 | 13:30 GMT by Paul Golden
FinTech

ASIC Sues PayPal: Alleges Unfair Terms for Small Aussie Businesses

  • PayPal gives only 60 days to businesses to challenge any errors with fees.
  • The payments firm has about 608,275 active business account contracts in the country.
Thursday, 07/09/2023 | 06:49 GMT by Arnab Shome
Retail FX

Obligations for CFDs Brokers: ASIC Seeks to Tighten DDO Rules Further

  • The Aussie regulator introduced the DDO rules in October 2021.
  • It has taken action against five retail OTC brokers since then, including a lawsuit against eToro.
Wednesday, 06/09/2023 | 05:03 GMT by Arnab Shome
Retail FX

ASIC Fights for the Little Guy against Westpac for Hardship Notice Delays

  • Westpac has not responded properly to customer hardship notices.
  • The bank's failure to act has exacerbated the financial difficulties of 229 customers.
Tuesday, 05/09/2023 | 08:19 GMT by Damian Chmiel
Retail FX

News Nuggets | 28 August: ASIC Suspends AFS License; FCA Warns against 5 Fraudulent Firms

  • Also, Coinstore two hits milestones; Cake Group completes its executive team.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Monday, 28/08/2023 | 10:36 GMT by Finance Magnates Staff
Retail FX

ASIC Eyes AI: New Plan to Shield Australians from Financial Scams

  • The regulator is ramping up enforcement actions to shield Australian consumers.
  • It aligns with the organization's latest Corporate Plan.
Monday, 28/08/2023 | 07:09 GMT by Damian Chmiel
CryptoCurrency

Melbourne-Based Crypto Lender Helio Sentenced for Misleading License Claims

  • The company claimed Australian Credit License but allegedly did not hold one.
  • ASIC has imposed an AUD $15,000 recognizance against the lender.
Friday, 18/08/2023 | 09:56 GMT by Jared Kirui
Retail FX

News Nuggets | 17 August: Fortex Integrates with Haame CRM; Colt Partners with AsiaNext

  • Also, CME launches APAC reference rates for cryptos; BaFin investigates fraudulent firms.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Thursday, 17/08/2023 | 10:23 GMT by Finance Magnates Staff
Retail FX

No AFS License Needed until 2025: ASIC Extends FFSPs Transitional Relief Again

  • The Australian regulator extends the deadline for foreign firms.
  • The date has been set for 31 March 2025, pushing back the need for an Australian license.
Tuesday, 08/08/2023 | 05:08 GMT by Damian Chmiel
Retail FX

FX/CFDs Broker Probis Goes Bankrupt, ASIC Halts Its License

  • ASIC has halted Probis Financial Services' AFS license due to its bankruptcy.
  • The firm must maintain membership with the AFCA until 30 October 2023.
Monday, 07/08/2023 | 05:23 GMT by Damian Chmiel
Brokers

ASIC Sues eToro for Lapses around Identifying CFDs Investors

  • eToro allegedly exposed a “significant number of retail clients” to risky CFDs.
  • The broker has now revised the target market determination in place for CFDs.
Thursday, 03/08/2023 | 07:03 GMT by Arnab Shome
Retail FX

ASIC Reports $109M in Civil Penalties and 144 Ongoing Cases after H1 2023

  • The first half of 2023 saw 125 charges against individuals.
  • 70 investigations have commenced, and 144 are still ongoing.
Wednesday, 02/08/2023 | 09:25 GMT by Damian Chmiel
Retail FX

ASIC Revokes Interim Stop Order against CFDs Broker Mitrade

  • The interim stop order was revoked on 26 July 2023.
  • Mitrade has around 2.4 million users globally.
Tuesday, 01/08/2023 | 09:50 GMT by Arnab Shome
Institutional FX

ASIC Pursues Vanguard Australia in ‘Greenwashing’ Lawsuit

  • The regulator is accusing the investment firm of misleading ESG compliance.
  • ASIC is seeking penalties against the company.
Tuesday, 25/07/2023 | 11:09 GMT by Jared Kirui
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