Australia FX broker USGFX enters into voluntary administration, blames ASIC

Steffy Bogdanova
July 10, 2020 9:55 am

Sheffield United announced that the Australian division of its partner Union Standard International Group PTY LTD has entered into voluntary administration on 8 July 2020.

Australian based forex broker USGFX said that these actions were driven by Australian Securities and Investments Commission (ASIC).

USGFX stated:

These actions have deeply harmed the USGFX brand and continue to consume excessive time and resources, despite no substantial allegations against USGFX being brought to court by ASIC since last December.

USGFX also announced that BRI Ferrier Peter Krejci and Andrew Cummins Insolvency and Business Recovery Accountants will be the administrators.

The FX and CFD broker stated that its directors and management are committed to continue their work with all parties and will assist in ensuring all legal requirements are satisfied.

The voluntary administration of the Australian arm of USG Group has not affected is FCA regulated UK branch according to Sheffield United’s statement.

Australia

Retail FX brokerage group USGFX set up its UK subsidiary Union Standard International Group Limited in November 2019. The company had applied for and received an FCA license for USGFX UK, which became effective on November 5.

In December 2019 ASIC announced that the Federal Court in Sydney issueed asset restraint orders against Corporate Authorised Representatives of OTC derivatives provider USGFX, or Union Standard International Group Pty Ltd. The Court vacated the orders few days later. USGFX gave an undertaking to the Federal Court to keep the amount of $53,067.33 in a separate bank account, no additional asset restraint order was launched against USG.

The Court also issued orders against director of TradeFred and USGFX John Martin and EuropeFX director Pedro Sasso and any overseas travelling they may have.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
Tags:

Read Also: