ASIC Cancels Licence of This Offshore CFDs Broker Due to Inactivity

Friday, 03/10/2025 | 05:28 GMT by Arnab Shome
  • Velos Global Markets stopped offering any service under its AFS licence from around May 2024.
  • The broker secured the licence in November 2017, which was cancelled in September 2025.
ASIC

The Australian Securities and Investments Commission (ASIC) has cancelled the licence of Velos Global Markets, which offered contracts for differences (CFDs) trading at least in offshore, due to inactivity.

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No Service, No Licence

Announced today (Friday), the cancellation took effect on 23 September 2025. The company received the Australian Financial Services (AFS) licence in November 2017.

According to the regulator, the CFDs broker did not offer any financial services under the Australian licence from around May 2024.

ASIC cancelled the AFS licence under section 915B(3) of the Corporations Act 2001 (Cth) after ASIC became aware that Velos had ceased to engage in financial services,” the announcement by ASIC noted.

However, the brokerage operator can still appeal to the Administrative Review Tribunal for a review of ASIC’s decision.

FinanceMagnates.com approached Velos but did not receive any response.

Other Regulators Also Face Inactivity Issue

The United Kingdom’s Financial Conduct Authority (FCA) last year revealed that about 20 per cent of locally licensed CFDs brokers were inactive. However, it did not begin cancelling those licences or at least did not announce such actions publicly.

Meanwhile, many CFDs brokers have also wrapped up their UK operations. FinanceMagnates.com earlier reported that AETOS gave up its UK licence and also closed its offshore operations. The broker now only operates with its Australian authorisation.

Other brokers to exit the UK market include ADSS and TrivePro. ICM.com is also in the process of relinquishing its FCA licence.

Last year, the Australian regulator also cancelled the licences of Xtrade, FXOpen and Prospero Markets. ASIC also recently removed more than 9,240 pages of regulatory content as part of a wider effort to streamline rules that businesses say have become too complex and costly to follow.

Read more stories about ASIC:

The Australian Securities and Investments Commission (ASIC) has cancelled the licence of Velos Global Markets, which offered contracts for differences (CFDs) trading at least in offshore, due to inactivity.

Join IG, CMC, and Robinhood in London’s leading trading industry event!

No Service, No Licence

Announced today (Friday), the cancellation took effect on 23 September 2025. The company received the Australian Financial Services (AFS) licence in November 2017.

According to the regulator, the CFDs broker did not offer any financial services under the Australian licence from around May 2024.

ASIC cancelled the AFS licence under section 915B(3) of the Corporations Act 2001 (Cth) after ASIC became aware that Velos had ceased to engage in financial services,” the announcement by ASIC noted.

However, the brokerage operator can still appeal to the Administrative Review Tribunal for a review of ASIC’s decision.

FinanceMagnates.com approached Velos but did not receive any response.

Other Regulators Also Face Inactivity Issue

The United Kingdom’s Financial Conduct Authority (FCA) last year revealed that about 20 per cent of locally licensed CFDs brokers were inactive. However, it did not begin cancelling those licences or at least did not announce such actions publicly.

Meanwhile, many CFDs brokers have also wrapped up their UK operations. FinanceMagnates.com earlier reported that AETOS gave up its UK licence and also closed its offshore operations. The broker now only operates with its Australian authorisation.

Other brokers to exit the UK market include ADSS and TrivePro. ICM.com is also in the process of relinquishing its FCA licence.

Last year, the Australian regulator also cancelled the licences of Xtrade, FXOpen and Prospero Markets. ASIC also recently removed more than 9,240 pages of regulatory content as part of a wider effort to streamline rules that businesses say have become too complex and costly to follow.

Read more stories about ASIC:

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 7212 Articles
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