media release (15-408MR)

ASIC warns about false claims on www.usgforex.com

Published

ASIC is warning investors about claims being made on the website www.usgforex.com that its services are regulated by ASIC and that it is  linked to the Australian company Union Standard International Group Pty Ltd (Union Standard).

ASIC understands these claims are false. Union Standard have confirmed the website is not associated with the company in any way.

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.’

Background

This work continues ASIC’s focus on AFSL compliance and investor education in the retail OTC derivative sector, including margin FX, CFDs and binary options.

Recent outcomes include:

  • IronFX Global Australia Pty Ltd removing references from an associated website and a disclosure document about regulation by ASIC and counterparty arrangements (refer: 15-395MR)
  • Boca Global Financial Group removing potentially misleading website representations (refer: 15-340MR)
  • Formax removing false statements about the suspension of its subsidiary's licence following ASIC concerns (refer: 15-336MR).
  • Following ASIC's concerns Ingot Brokers (Australia) Pty Ltd rectifying its 'cash and cash equivalents' arrangements to comply with its financial resource requirements (refer: 15-333MR).
  • O.C.M. Online Capital Markets Pty Ltd paying $30,600 in penalties after ASIC issued three infringement notices for false or misleading online advertising (refer: 15-321MR).
  • cancelling the Australian financial service licence (AFSL) of LSG Group Pty Ltd (refer: 15-293MR).
  • British Virgin Island company FIBO Group Limited and Cyprus company, Trading Point of Financial Instruments Limited (also known by the trading name XM.com), agreeing to cease providing unlicensed financial services to Australians (refer: 15-233MR).
  • suspending the AFS licence of Australian Capital Advisory Services Pty Ltd on the grounds it had ceased providing financial services after a change of control (refer: 15-217MR).
  • following an investigation, Advanced Markets agreeing to change potential misleading statements on its website (refer: 15-085MR).
  • following an investigation, suspending the AFS licence of FX provider AGM Markets Pty Ltd (AGM) (refer: 15-075MR).
  • warning investors not to deal with Grandegoldens, which was not licensed to trade in margin FX in Australia (refer: 15-066MR).
  • cancelling Enfinium’s AFSL because, among other things, concerns around inadequate risk management systems (refer: 15-026MR).
  • following a surveillance, Calibre Investment changing the way it offers FX services to retail clients (refer: 14-327MR).
  • restraining Monarch FX and its former director and general manager, Quinten Hunter, from carrying on a financial services business (refer: 14-342MR).
  • shutting down Vault Market and removing its sole director, Mr MD Anamul Amin, from the financial services industry (refer: 14-309MR).
  • warning investors not to deal with YoutradeFX which was not licensed to trade in margin FX in Australia (refer: 14-306MR).
  • Pepperstone agreeing to stop providing financial services in Japan following inquiries by ASIC that revealed they were not licensed by the Japanese Financial Services Agency (refer: 14-267MR).
  • cancelling the AFSL of online FX broker Global Derivative Services after an investigation found it failed to comply with a number of its licence obligations (refer: 14-226MR).
Media enquiries: Contact ASIC Media Unit