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Screenshot of a breaking news alert e-mail from Q2 2017
The Australian Securities & Investments Commission (ASIC) is keeping up with its strict monitoring of the retail OTC derivative sector, including margin Forex, CFDs and binary options.
The regulator today published a warning regarding false claims on www.usgforex.com.
In particular, the watchdog is concerned that the company operating the website is falsely claiming to be regulated by ASIC. Another false claim alleges that the entity operating the website is linked to Union Standard International Group Pty Ltd (Union Standard). Union Standard have confirmed the website is not associated with the company in any way.
At the moment of publication of this article, www.usgforex.com was inaccessible.
ASIC Commissioner Cathie Armour said,
‘This case again highlights the need for investors to be vigilant and do their research before signing up to trade financial products via a website.’
Recently, ASIC asked IronFX Global Australia Pty Ltd to remove references from an associated website and to correct a disclosure document about regulation by ASIC and counterparty arrangements. Te regulator also ordered BocaFX to remove potentially misleading website representations. In August this year, British Virgin Island company FIBO Group Limited and Cyprus company, Trading Point of Financial Instruments Limited (XM.com), agreed to cease providing unlicensed financial services to Australians.
You can view the official announcement from ASIC by clicking here.