Tag: APAC

ASIC ban
November 23, 2022 BY Steffy Bogdanova

ASIC sues Block Earner for unlicensed crypto offerings

ASIC is now seeking declarations, injunctions, and pecuniary penalties. ASIC Deputy Chair Sarah Court said: We are concerned that Block Earner offered financial products without appropriate registration or an Australian Financial Services licence, leaving consumers without important protections. Simply because a product hinges on a crypto-asset, does not mean it falls outside financial services law.…

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Bankman-Fried jailed ahead of his October trial
November 16, 2022 BY Steffy Bogdanova

FTX’s AFS license suspended by ASIC

The crypto exchange FTX collapsed last week following a liquidity crunch and a subsequent hack which drained millions of dollars from the company which was already in a tough spot. As allegations of customer fund misappropriation surfaced and prompted regulatory scrutiny, investors are reluctant to provide capital to the exchange. Last week, FTX founder Sam…

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ASIC ban
November 15, 2022 BY Steffy Bogdanova

ASIC slaps a 10-year ban on unlicensed CFD trader

In its investigation, ASIC found that Suncoast Trading, Equity Trade, nor Jennings hold the necessary Australian Financial Services licence to provide financial services. Furthermore, it was discovered that Jennings had some clients put their deposits into his personal trading account and traded CFDs without consulting them. He made false or misleading statements to his clients…

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Bankman-Fried jailed ahead of his October trial
November 11, 2022 BY Steffy Bogdanova

FTX seeks rescue funds, regulators freeze its assets

Reuters reported that Bankman-Fried told staff members he has discussed raising $1 billion from Justin Sun, the Founder of the blockchain, Tron. FTX’s found has also discussed raising funds with rival exchange OKX and stablecoin platform Tether, Reuters said. Justin Sun tweeted on Thursday that Tron was “putting together a solution” for FTX. He said:…

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ASIC ban
November 08, 2022 BY Steffy Bogdanova

FX Ponzi scheme operator pleads guilty in a $180 million fraud case brought by ASIC

According to ASIC, the Courtney House companies convinced investors that their funds would be traded in Forex and Futures markets, however, only 3% of those funds were actually traded. Instead, the amounts paid to investors on monthly basis, came from the deposits of new investors. The Australian regulator stated: In addition to offering purported ‘standard’…

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November 08, 2022 BY Steffy Bogdanova

ThinkMarkets CFO Harshad Kale steps down

Earlier this year, ThinkMarkets entered the Japanese market with the launch of its mobile app ThinkTrader, following the acquisition of a Japanese financial services entity which provided the brokerage with a license to operate in Japan. According to his LinkedIn profile, Kale joined Cavendish Renewable Technology, an Australian renewable energy company, producing “green hydrogen”, as…

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November 07, 2022 BY Steffy Bogdanova

VT Markets adds 7 new bond CFDs to trade offering

According to the official announcement, VT Markets’ clients will be able to trade new bond CFDs at competitive rates on the VT Markets mobile app and its trading platforms. John Georgiou, Director of Business at VT Markets, commented: Bond CFDs are the perfect addition to any trader's portfolio, as they can speculate the price movements…

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ASIC ban
November 02, 2022 BY Steffy Bogdanova

ASIC issues an 8 year ban on former Trade360 manager

Regarding Bringans, the regulator stated: In banning Mr Bringans, ASIC found that he is not adequately trained and competent, that he is not a fit and proper person to provide financial services, and that he ignored one of his key duties as a responsible manager, which was to ensure that Sirius Financial complied with the…

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