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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

Third Conviction Looms in $180M Courtenay House Ponzi Scheme

  • David Sipina admits to unlicensed financial services and dealing with crime proceeds.
  • This comes a year after he was first charged in connection with a Ponzi scheme.
Wednesday, 20/03/2024 | 07:08 GMT by Damian Chmiel
Institutional FX

ASX Had 8,417 Transperancy Errors. It Cost It $1 Million

  • ASIC fined ASX $1.05M for failing to provide pre-trade transparency on its platform.
  • The operator failed to identify incorrect system configurations.
Thursday, 07/03/2024 | 08:00 GMT by Damian Chmiel
Retail FX

ASIC Wipes Out 3,500 Fraudulent Investment Websites in Anti-Scam Initiative

  • The commission accumulated $60 million in civil penalties in the second half of last year.
  • It initiated 83 investigations, charged 19 individuals criminally, and conducted nearly 350 surveillances.
Monday, 04/03/2024 | 09:06 GMT by Tareq Sikder
Retail FX

Don’t Trust Fake Elon Musk Encouraging You to Invest, Warns Regulator

  • An AI-generated billionaire was said to cost one Australian $80,000.
  • ASIC warns against the increasingly common investment deepfakes.
Friday, 01/03/2024 | 07:26 GMT by Damian Chmiel
Retail FX

The $229 Million Money-Laundering Scheme That Brought Down Prospero Markets

  • ASIC targets Prospero Markets for legal action due to money-laundering claims.
  • The court hearing for Prospero's liquidation is set for March 2024 after ASIC's move.
Friday, 01/03/2024 | 06:54 GMT by Damian Chmiel
Retail FX

Clueless Investors Finance Director's $440K Splurge in Sham Hedge Fund Scheme

  • The fake fund became Russell Sandiford's private wallet to cover daily expenses.
  • He now faces up to 15 years behind bars and a substantial financial penalty.
Tuesday, 13/02/2024 | 13:03 GMT by Damian Chmiel
CryptoCurrency

Block Earner’s Crypto Product Needs Financial Services License: Aussie Court

  • ASIC first charged the crypto company for lacking an appropriate license in November 2022.
  • The product allowed users to earn fixed yield returns from different crypto-assets.
Friday, 09/02/2024 | 09:28 GMT by Arnab Shome
Brokers

CFDs on Trial: IC Markets Faces Class-Action Lawsuit in Australia

  • The lawsuit alleged unconscionable conduct and misleading and deceptive conduct by the broker.
  • The broker is now facing two class-action lawsuits in the country.
Thursday, 08/02/2024 | 10:47 GMT by Arnab Shome
Retail FX

Australian Regulator Clamp Down on Super Fund Scam and Unlicensed Crypto Services

  • The watchdog charges individuals in SMSF scams and unlicensed crypto service cases.
  • The schemes promised high returns for retail investors.
Tuesday, 06/02/2024 | 08:49 GMT by Damian Chmiel
Retail FX

How a Banned Aussie Built a Financial Network of 5 New Companies

  • David Fuoco was banned from the financial sector for a decade.
  • However, this did not prevent him from opening five new investment firms.
Thursday, 25/01/2024 | 09:20 GMT by Damian Chmiel
Retail FX

Australia's Top Lender Teams Up with Travelex to Revive FX Cash Services

  • CBA's 11 million customers will access 30+ currencies on Travelex.
  • Travelex and CBA's partnership signals a positive shift in Australia's retail FX landscape post-Covid.
Wednesday, 24/01/2024 | 14:54 GMT by Jared Kirui
Retail FX

Indie Advice's License Axed by ASIC: Financial Inactivity Fallout

  • Despite the cancellation, the license is effective till June 2024 for dispute resolutions.
  • This is another ASF license withdrawal in recent months.
Tuesday, 23/01/2024 | 08:59 GMT by Damian Chmiel
Retail FX

ASIC Extends Registration Deadline for Financial Advisors by 2 Weeks

  • The new deadline to register with the regulator is not 16 February 2024.
  • Any registration failure would attract enforcement actions.
Thursday, 18/01/2024 | 09:04 GMT by Arnab Shome
Retail FX

Complaints against Australian Financial Firms Topped in 2023

  • The AFCA received 102,790 complaints from distressed residents last year.
  • The ombudsman already secured AU$304 million in compensation and refunds.
Tuesday, 09/01/2024 | 08:07 GMT by Arnab Shome
FinTech

Fintech Firm Volt Rides Wave of Series B Funding to Australian Shores

  • The company is expanding its payment technology.
  • Local Megatix is the first to adopt Volt for quicker transfers.
Thursday, 23/11/2023 | 08:50 GMT by Damian Chmiel
Retail FX

ASIC Suspends Licenses of JB Markets, First City amid Compliance Failures

  • Licenses will be reinstated once both companies meet AFS requirements.
  • The specter of complete authorization loss looms over First City.
Thursday, 16/11/2023 | 09:02 GMT by Damian Chmiel
FinTech

Mastercard and FD Global Unveil Fintech Governance Initiative in Australia

  • This program addresses capital challenges and economic uncertainty.
  • It responds to the current economic landscape facing fintech companies.
Tuesday, 14/11/2023 | 13:40 GMT by Jared Kirui
Retail FX

CMC, IG and More: 7 CFDs Brokers Violated Aussie Leverage Rules, Returns AU$4.3M

  • These CFDs brokers offered leverages to retail clients beyond the permitted limits.
  • They self-reported the breaches and cooperated with ASIC’s review.
Thursday, 09/11/2023 | 07:32 GMT by Arnab Shome
Retail FX

ASIC Publishes Its First ‘Investor Alert List’: Adds 77 Names

  • The Aussie regulator will update this list with the names of unlicensed and imposter entities.
  • It recently took action against over 2,500 investment scams and phishing websites.
Wednesday, 08/11/2023 | 07:39 GMT by Arnab Shome
Retail FX

eToro Kicks Off a Three-Year Sponsorship with Australian Football League

  • eToro became the Official Trading and Investing Platform of the A-Leagues for three years.
  • The partnership includes branding on jerseys, substitution boards, and a digital presence.
Thursday, 02/11/2023 | 08:27 GMT by Damian Chmiel
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
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