ASIC has commenced civil penalty proceedings in the Federal Court against Union Standard International Group Pty Ltd (Union Standard) (in liquidation) (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) (in liquidation).
ASIC alleges Union Standard provided financial services including trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those foreign exchange contracts. ASIC alleges Union Standards conduct placed its China-based clients at risk of contravening Chinese law, and thereby exposed them to potential administrative and criminal…
Read the full article at: https://www.miragenews.com/asic-takes-action-against-union-standard-international-group-and-its-former-corporate-authorised-representatives/