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Australia
Europe's Economic Crossroads: Recession Fears and S&P Global's
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Retail FX
Third Conviction Looms in $180M Courtenay House Ponzi Scheme
David Sipina admits to unlicensed financial services and dealing with crime proceeds.
This comes a year after he was first charged in connection with a Ponzi scheme.
Wednesday, 20/03/2024 | 07:08 GMT
by
Damian Chmiel
Institutional FX
ASX Had 8,417 Transperancy Errors. It Cost It $1 Million
ASIC fined ASX $1.05M for failing to provide pre-trade transparency on its platform.
The operator failed to identify incorrect system configurations.
Thursday, 07/03/2024 | 08:00 GMT
by
Damian Chmiel
Retail FX
ASIC Wipes Out 3,500 Fraudulent Investment Websites in Anti-Scam Initiative
The commission accumulated $60 million in civil penalties in the second half of last year.
It initiated 83 investigations, charged 19 individuals criminally, and conducted nearly 350 surveillances.
Monday, 04/03/2024 | 09:06 GMT
by
Tareq Sikder
Retail FX
Don’t Trust Fake Elon Musk Encouraging You to Invest, Warns Regulator
An AI-generated billionaire was said to cost one Australian $80,000.
ASIC warns against the increasingly common investment deepfakes.
Friday, 01/03/2024 | 07:26 GMT
by
Damian Chmiel
Retail FX
The $229 Million Money-Laundering Scheme That Brought Down Prospero Markets
ASIC targets Prospero Markets for legal action due to money-laundering claims.
The court hearing for Prospero's liquidation is set for March 2024 after ASIC's move.
Friday, 01/03/2024 | 06:54 GMT
by
Damian Chmiel
Retail FX
Clueless Investors Finance Director's $440K Splurge in Sham Hedge Fund Scheme
The fake fund became Russell Sandiford's private wallet to cover daily expenses.
He now faces up to 15 years behind bars and a substantial financial penalty.
Tuesday, 13/02/2024 | 13:03 GMT
by
Damian Chmiel
CryptoCurrency
Block Earner’s Crypto Product Needs Financial Services License: Aussie Court
ASIC first charged the crypto company for lacking an appropriate license in November 2022.
The product allowed users to earn fixed yield returns from different crypto-assets.
Friday, 09/02/2024 | 09:28 GMT
by
Arnab Shome
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Brokers
CFDs on Trial: IC Markets Faces Class-Action Lawsuit in Australia
The lawsuit alleged unconscionable conduct and misleading and deceptive conduct by the broker.
The broker is now facing two class-action lawsuits in the country.
Thursday, 08/02/2024 | 10:47 GMT
by
Arnab Shome
Retail FX
Australian Regulator Clamp Down on Super Fund Scam and Unlicensed Crypto Services
The watchdog charges individuals in SMSF scams and unlicensed crypto service cases.
The schemes promised high returns for retail investors.
Tuesday, 06/02/2024 | 08:49 GMT
by
Damian Chmiel
Retail FX
How a Banned Aussie Built a Financial Network of 5 New Companies
David Fuoco was banned from the financial sector for a decade.
However, this did not prevent him from opening five new investment firms.
Thursday, 25/01/2024 | 09:20 GMT
by
Damian Chmiel
Retail FX
Australia's Top Lender Teams Up with Travelex to Revive FX Cash Services
CBA's 11 million customers will access 30+ currencies on Travelex.
Travelex and CBA's partnership signals a positive shift in Australia's retail FX landscape post-Covid.
Wednesday, 24/01/2024 | 14:54 GMT
by
Jared Kirui
Retail FX
Indie Advice's License Axed by ASIC: Financial Inactivity Fallout
Despite the cancellation, the license is effective till June 2024 for dispute resolutions.
This is another ASF license withdrawal in recent months.
Tuesday, 23/01/2024 | 08:59 GMT
by
Damian Chmiel
Retail FX
ASIC Extends Registration Deadline for Financial Advisors by 2 Weeks
The new deadline to register with the regulator is not 16 February 2024.
Any registration failure would attract enforcement actions.
Thursday, 18/01/2024 | 09:04 GMT
by
Arnab Shome
Retail FX
Complaints against Australian Financial Firms Topped in 2023
The AFCA received 102,790 complaints from distressed residents last year.
The ombudsman already secured AU$304 million in compensation and refunds.
Tuesday, 09/01/2024 | 08:07 GMT
by
Arnab Shome
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FinTech
Fintech Firm Volt Rides Wave of Series B Funding to Australian Shores
The company is expanding its payment technology.
Local Megatix is the first to adopt Volt for quicker transfers.
Thursday, 23/11/2023 | 08:50 GMT
by
Damian Chmiel
Retail FX
ASIC Suspends Licenses of JB Markets, First City amid Compliance Failures
Licenses will be reinstated once both companies meet AFS requirements.
The specter of complete authorization loss looms over First City.
Thursday, 16/11/2023 | 09:02 GMT
by
Damian Chmiel
FinTech
Mastercard and FD Global Unveil Fintech Governance Initiative in Australia
This program addresses capital challenges and economic uncertainty.
It responds to the current economic landscape facing fintech companies.
Tuesday, 14/11/2023 | 13:40 GMT
by
Jared Kirui
Retail FX
CMC, IG and More: 7 CFDs Brokers Violated Aussie Leverage Rules, Returns AU$4.3M
These CFDs brokers offered leverages to retail clients beyond the permitted limits.
They self-reported the breaches and cooperated with ASIC’s review.
Thursday, 09/11/2023 | 07:32 GMT
by
Arnab Shome
Retail FX
ASIC Publishes Its First ‘Investor Alert List’: Adds 77 Names
The Aussie regulator will update this list with the names of unlicensed and imposter entities.
It recently took action against over 2,500 investment scams and phishing websites.
Wednesday, 08/11/2023 | 07:39 GMT
by
Arnab Shome
Retail FX
eToro Kicks Off a Three-Year Sponsorship with Australian Football League
eToro became the Official Trading and Investing Platform of the A-Leagues for three years.
The partnership includes branding on jerseys, substitution boards, and a digital presence.
Thursday, 02/11/2023 | 08:27 GMT
by
Damian Chmiel
Retail FX
ASIC’s Anti-Scam Drive: Over 2,500 Investment Fraud, Phishing Websites Face Action
The regulator implemented a new scam website takedown capability.
It has already taken down 2,100 websites.
Thursday, 02/11/2023 | 08:10 GMT
by
Arnab Shome
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Retail FX
Complaints against FTX Australia Tops in FY23, IC Markets Follows
The number of complaints was revealed in the latest data by AFCA.
Complaints against derivatives and forex dealers significantly dropped from the previous year.
Tuesday, 24/10/2023 | 09:43 GMT
by
Arnab Shome
Retail FX
Good News for AFS Licensees: ASIC Eases Breach Reporting Rules
If a regulation breach didn't harm the client, there's no need to report it.
Additionally, ASIC has extended the reporting period for significant matters from 30 to 90 days.
Thursday, 19/10/2023 | 09:48 GMT
by
Damian Chmiel
CryptoCurrency
Australia Proposes Tighter Crypto Rules: Mandatory Licenses and Reviews
Crypto exchanges need to obtain licenses from ASIC.
Kraken’s Australia Director called it the “shoehorning” of crypto in financial services regulations.
Monday, 16/10/2023 | 06:29 GMT
by
Arnab Shome
Institutional FX
AUSIEX Taps Saxo Australia for Market Access to Financial Advisors
Financial advisors on AUSIEX can now directly trade equities.
It supports more than 475,000 investors and over 4,500 advisers.
Thursday, 28/09/2023 | 09:34 GMT
by
Arnab Shome
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