ASIC Exposes Clone Websites of Regulated Entity ABS Group
- Two websites targeting Chinese clients have been identified by the Australian regulator to have misused the information of a regulated firm
The Australian Securities and Investments Commission (ASIC) has issued an official warning against several websites offering Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs trading falsely claiming to be regulated in Australia. The entities who have ownership of www.fxabs.com.au and www.fxabs.com have used a regulated company’s information to mislead the public about their regulatory status.
The .com website which is mentioned above is exclusively in Chinese, which attests to the target residents of China. At the time of publication the website under an Australian domain was taken down.
Both entities have used the publicly available information of Australia ABS Group Pty Ltd (Australia ABS Group), which is regulated by ASIC. The management of Australia ABS Group has confirmed to ASIC that the entities in question are in no way affiliated with the company.
If a prospective client of the two entities falsely claiming to be regulated looks the registration of Australia ABS Group, another detail comes to light. The company has never been authorized to provide CFD and margin forex services by ASIC.
This case again highlights the need for investors to be vigilant and do their research before signing up to trade financial products
Commenting on the case, 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. A simple check of ASIC’s registers would have shown that the entity being promoted on the websites is not adequately licensed to provide the products on offer.”
ASIC urges all prospective and current clients of margin forex and CFDs trading brokers to closely examine the permissions of their brokers and to avoid dealing with unregulated entities.
Chinese customers have been particularly vulnerable to online forex and CFDs trading schemes, due to the relatively uneducated client base and the lack of appropriate Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of similar services in the country.
At the same time, ASIC has recently been cracking down on companies using their Australian financial services license in order to target clients in Southeast Asia. The regulator has urged a number of companies to stop advertising to clients outside of Australia whose interests are protected by ASIC.
The Australian Securities and Investments Commission (ASIC) has issued an official warning against several websites offering Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs trading falsely claiming to be regulated in Australia. The entities who have ownership of www.fxabs.com.au and www.fxabs.com have used a regulated company’s information to mislead the public about their regulatory status.
The .com website which is mentioned above is exclusively in Chinese, which attests to the target residents of China. At the time of publication the website under an Australian domain was taken down.
Both entities have used the publicly available information of Australia ABS Group Pty Ltd (Australia ABS Group), which is regulated by ASIC. The management of Australia ABS Group has confirmed to ASIC that the entities in question are in no way affiliated with the company.
If a prospective client of the two entities falsely claiming to be regulated looks the registration of Australia ABS Group, another detail comes to light. The company has never been authorized to provide CFD and margin forex services by ASIC.
This case again highlights the need for investors to be vigilant and do their research before signing up to trade financial products
Commenting on the case, 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. A simple check of ASIC’s registers would have shown that the entity being promoted on the websites is not adequately licensed to provide the products on offer.”
ASIC urges all prospective and current clients of margin forex and CFDs trading brokers to closely examine the permissions of their brokers and to avoid dealing with unregulated entities.
Chinese customers have been particularly vulnerable to online forex and CFDs trading schemes, due to the relatively uneducated client base and the lack of appropriate Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of similar services in the country.
At the same time, ASIC has recently been cracking down on companies using their Australian financial services license in order to target clients in Southeast Asia. The regulator has urged a number of companies to stop advertising to clients outside of Australia whose interests are protected by ASIC.