Continuing its efforts to clean up the Retail FX sector in Australia, ASIC has issued a warning to the public not to deal with any of the following entities in relation to trading in margin FX contracts for difference (CFDs) and bitcoin CFDs:
- AGM Markets: AGM Markets Pty Ltd, holding AFSL license No 422662. Registered business names OT Markets Trading, and Tradefinancial Trading, at address Level 1, 189-191 Balaclava Road, Caulfield North VIC.
- OT Markets / OTCapital: OT Markets Pty Ltd, Authorised Representative No 1258906, Registered business names OT Capital Australia, OT Capital Investments, OT Capital.com, and OT Markets, at address Office 9G, 242 Hawthorn Road, Caulfield North VIC, websites otcapital.com, otcapital.net.au, otcapital.info
- Ozifin / Tradefinancial: Ozifin Tech Pty Ltd, Authorised Representative No 1256645, Registered business names Tradefinancial, Trader Q, at address 17 Milford Street, Bentleigh East VIC, website tradefinancial.com.au
ASIC said it is concerned that these entities are offering personal advice to retail investors which are not authorised by AGM Markets’ Australian financial services licence (AFSL), and that these entities are otherwise engaging in conduct that is misleading or deceptive, and/or unconscionable.
ASIC is warning that potential investors are likely to suffer detriment as a result of the conduct of these entities.
ASIC is also satisfied that it is in the public interest to warn the public about the conduct of these entities.
On February 12, 2018, ASIC obtained interim orders in the Federal Court of Australia against AGM Markets, OT Markets and Ozifin that:
- restrain the entities from removing their assets from Australia, disposing of their property, and to freeze monies in two specified bank accounts; and
- preventing two individuals involved with AGM Markets and OT Markets from leaving Australia without the consent of the Court.
ASIC sought the injunctions to protect investor funds while an ASIC investigation is continuing.
The matter has been listed for a further hearing on February 15, 2018 at 9:30am.