Home Forex Complains
The Australian Securities and Investments Commission (ASIC) launched a civil lawsuit against Forex CT and its sole director Shlomo Yoshai last year. ASIC claimed that the company had acted in bad faith against its customers. Earlier this year Mr Yoshai was banned by ASIC from working in financial services for 10 years but he appealed that decision.
The Hong Kong Securities and Futures Commission (SFC) announced earlier that it had revoked the license of IDS Forex HK Limited. Also, former IDS Forex CEOs, Mr. Chung Wooman and Mr. Ki Bonggan, were banned for life from returning to the industry. The ban is the result of an SFC investigation sparked by a report provided by...
CF Secured has agreed to pay a USD125,000 fine as part of an agreement with the US Financial Industry Regulatory Authority (FINRA). CF Secured provides financing to prime brokerage clients. According to FINRA, between April 2018 and January 2019, CF Secured failed to calculate exactly its required customer reserve in three separate cases, leading to a shortfall...
The US National Futures Association (NFA) has ordered OANDA Corporation to pay a USD200,000 fine. OANDA Corporation is based in Toronto, Canada, and is an NFA member. The NFA alleged OANDA failed to implement an adequate anti-money laundering (AML) program, to submit accurate daily forex reports to the NFA, and other compliance rules regarding security systems, handling...
The Australian financial regulator ASIC continues to move closer to its European counterparts on retail traders. Until last week, Australia was the last country with strict regulation where retail traders could trade forex and CFDs with almost unlimited leverage. New rules are now in place for CFD brokers, limiting leverage to 1:30 for major forex pairs -...
The Australian Securities and Investments Commission (ASIC) has announced that it has won the case against Mayfair 101 Group. The Federal Court found that companies in the Mayfair 101 Group had made statements that were false, misleading, or deceptive in advertisements for its bond products. The decision was made after the start of the case by ASIC...
The Australian Securities and Investments Commission (ASIC) has announced that it has banned Forex Capital Trading (Forex CT) chief executive officer (CEO), executive manager, and sole director, Shlomo Yoshai, for ten years. The regulator found that Mr Yoshai’s lack of understanding of compliance procedures was so serious that it justified the implementation of such a significant ban...
The Australian Securities and Investments Commission (ASIC) announced the cancellation of the Australian Financial Services (AFS) license of The Australian Dealer Group Pty Ltd (ADG). ASIC finds that the business model of ADG was not created to comply with the obligation to act efficiently, honestly, or fairly when providing financial services. According to ASIC,...
Admiral Markets is a global forex and CFDs brokerage company, which is authorized and regulated by the Financial Conduct Authority (FCA) in the UK, by the Cyprus Securities and Exchange Commission (CySEC) in the EU and holds an Australian Financial Services License (AFSL) to carry on financial services business in Australia. Admiral Markets UK Ltd is a...
SocialTRD is a social trading platform owned by two financial companies. Fortunately, both GCH Ltd and FH Ever JSCo are regulated firms. FH Ever JSCo is licensed in the EU by BFSC, while GCH is authorized and regulated by VFSC. Therefore, both companies have licenses that allow them to conduct financial services, including forex. The services include...