Tag: Ban

April 01, 2021 BY Steffy Bogdanova

ASIC bans Binary Options sale to retail clients

ASIC Commissioner Cathie Armour said: Binary options’ product characteristics make them incompatible with investment or risk management use by retail clients. ASIC’s product intervention order will protect retail investors from these harmful products at a time of heightened vulnerability. According to the Commission, retail clients’ net losses from trading binary options are estimated at around…

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March 17, 2021 BY Steffy Bogdanova

ASIC implements ten-year ban for Forex CT director

ASIC began civil penalty proceedings in the Federal Court against Forex CT and Shlomo Yoshai on 16 July 2020, after discovering that the sole director’s lack of respect for compliance justified a ban for a significant period of time. Yoshai has now been given a ten- year ban after behaviour on Forex CT’s trading floor…

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April 30, 2020 BY Steffy Bogdanova

ASIC bans Spectrum Wealth financial adviser

ASIC found Myers to lack adequate training and competence to provide financial services. SMSF may impact customers’ retirement savings and advisers must take the personal circumstances of their clients into account when recommending the establishment of SMSFs. ASIC also banned a New South Wales adviser Alexander Bruce Thomas for a period of three years. Thomas…

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January 06, 2020 BY Mariela Naydenova

Qatar bans crypto services in the country

The Qatar Financial Centre (QFC), the country's financial regulator, has banned cryptocurrency trading. Not only that, but the prohibition applies to anything of value that is close to or a substitute for currency, can be digitally transferred or traded and be sued for investment or payment purposes for clients. The news comes from a report…

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December 27, 2019 BY Mariela Naydenova

Uzbekistan bans its citizens from purchasing cryptocurrencies

Uzbekistan has allegedly banned its citizens from buying cryptocurrencies. According to local news media Novosti Uzbekistana, it was the National Project Management Agency that has barred its citizens from buying digital coins, even ones on established exchanges. The news comes out as a shock to many, especially since Uzbekistan was thought of "crypto friendly" place. For example,…

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Hong Kong SFC
September 24, 2019 BY Valentina Kirilova

Hong Kong SFC bans a former vice president of BOCOM for life

The Hong Kong Securities and Futures Commission (SFC) announced today that it has banned Ye Feng from re-entering the industry for life following his conviction for bribery. Ye Feng, a former vice president of the Bank of Communications Co., Ltd. (BOCOM), is responsible for handling securities transactions for BOCOM’s clients at the material time, guilty…

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G20 group adopts tough FATF KYC/AML rules: Debate is how to implement
June 13, 2019 BY Mariela Naydenova

Huawei fights hard against the potential new US "funds" rule

Huawei has now considered a "national security threat", as the Chairman of the Federal Communications Commission (FCC), Mr. Ajit Pa, proposed a ban on funds flowing from the Universal Service Fund to using services or products that may threaten the national security. The Chinese giant was identified as such a national threat in March 2019, and…

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wechat hack advertising
May 08, 2019 BY Valentina Kirilova

WeChat bans cryptocurrency trading – “not a bad thing”

The leading messaging app in China, WeChat, has banned all of its merchants from engaging in crypto-related transactions. WeChat, owned by giant Tencent, introduced the new ban on April 30th, 2019. The update to the Payment Service Protocol states that all merchants using the app’s services cannot be involved in any virtual currency trading transactions…

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