Tag: USGFX

ASIC
June 01, 2021 BY Steffy Bogdanova

ASIC bans Union Standard director John Martin for 10 years

The Australian watchdog found that Martin was involved Union Standard’s failures to ensure that the financial services covered by its licence were provided efficiently, honestly and fairly. It was also found that Martin affected Union Standard’s failure to ensure TradeFred and EuropeFX complied with financial services laws. ASIC discovered that Martin did not implement or…

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USGFX rebrands as United Strategic International
May 04, 2021 BY Steffy Bogdanova

USGFX rebrands to United Strategic International

The announcement said: As we were managing the crisis in 2020, we had developed into a brand-new concept for the business and took the inspiration into forming our new name. We would like to present ourselves again with a better strategy and a more comprehensive vision through branding communication. Moreover, United Strategic Group would like…

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Forex Weekly Look Back
December 11, 2020 BY Steffy Bogdanova

Forex Weekly Look Back: FXCubic partners with M4Markets, StoneX reports $81.8 million bargain purchase from GAIN acquisition

The Australian Securities and Investments Commission (ASIC) announced raising civil proceedings in Federal Court against Union Standard International Group Pty Ltd (trading as usgfx) and its former corporate authorised representatives, Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred). The UK Financial Conduct Authority announced making the…

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ASIC
December 11, 2020 BY Steffy Bogdanova

ASIC sues USGFX and representatives for providing FX services in China

ASIC stated that EuropeFX and TradeFred: provided personal advice to clients without licence to do so; made false or misleading representations to clients including about the level of risk to which clients’ funds were exposed and the profits which clients could expect; failing to adequately explain or disclose to clients the risks involved in investing…

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USGFX expects delay in refunding its Australian clients
December 04, 2020 BY Steffy Bogdanova

USGFX expects delay in refunding its Australian clients

The Vanuatu Financial Services Commission regulated broker noted that 50% of the withdrawals have been processed so far and the company continues to work to process the rest of them. USG stated that it expects all of the funds to be processed and refunded by the end of March 2021. Earlier this year, the USGFX…

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ASIC
September 18, 2020 BY Steffy Bogdanova

ASIC cancels Union Standard’s ASF licence

USGFX entered in to voluntary administration on 8 July with Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd appointed as administrator. Later on ASIC suspended the company’s Australian Financial Services licence until 23 September. The board of the UK division, USG UK announced that USG Group resolved on 15 August and the FCA regulated USG UK…

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September 11, 2020 BY Steffy Bogdanova

USG moves its headquarters to London

In early September the group sent an email to its clients stating: With fifteen years of experience, outstanding technology and steady management, Union Standard International Group has been supported and trusted by millions of traders across more than 130 countries. The email continued: Until now, we’ve almost completed the restructuring process and reached 97% of…

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ASIC
July 22, 2020 BY Steffy Bogdanova

ASIC suspends the licence of OTC derivatives issuer USGFX

Even though the licence is suspended, ASIC has allowed the administrators to conduct certain necessary activities under the licence during the suspension period, including to have in place a dispute resolution scheme and arrangements for compensating retail clients, to hold professional indemnity insurance and to allow the termination of existing arrangements with current clients of…

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