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Crypto Exchanges in AU Require Financial Licenses Starting in 2024: ASIC Expands Act
- Australian regulators will require crypto exchanges to obtain financial licenses by November 2024.
- ASIC’s Alan Kirkland outlined new crypto regulations at the AFR Crypto and Digital Assets summit.
Monday, 23/09/2024 | 08:47 GMT by
Tareq Sikder
ASIC Rewrite Is Knocking: What Should CFDs Brokers Know?
- Although the commencement date for the ASIC Rewrite has been set for 30 September 2024, its implementation will be done over two staggered dates.
- ASIC Rewrite will bring reporting changes around collateral and single-sided relief provisions.
Monday, 23/09/2024 | 08:21 GMT by
Sophie Gerber
Aussie Watchdog Seeks Tech Partner for 5-Year Fraud Fight
- ASIC builds on its successful takedown of over 7,300 fraudulent sites since July 2023.
- The move aims to enhance Australia's fight against online financial fraud, which cost investors $1.3 billion last year.
Thursday, 19/09/2024 | 06:07 GMT by
Damian Chmiel
ASIC Just Gained New Powers. Check If They Will Affect FX/CFD Brokers
- Australia has enacted new laws granting ASIC expanded powers to regulate financial market infrastructure.
- The reforms aim to enhance stability and efficiency in the country's financial system.
Thursday, 19/09/2024 | 03:44 GMT by
Damian Chmiel
6 Years After This FX/CFD Broker's Collapse, Its Ex-Director Pleads Guilty
- Former Berndale Capital Securities director Daniel Kirby has pleaded guilty.
- The financial misconduct charges included misuse of company funds and providing false information.
Wednesday, 18/09/2024 | 07:41 GMT by
Damian Chmiel
$180 Million Forex Ponzi Scheme Lands 11-Year Prison Sentence
- Tony Iervasi, former director of Courtenay House, has been sentenced in Australia.
- The fraud, which operated for over 6 years, resulted in a net loss of $54 million to around 585 investors.
Tuesday, 03/09/2024 | 08:12 GMT by
Damian Chmiel
Kraken Violated Australian Law by Offering Margin Products: Court Rules
- The court determined that Kraken's fiat-based margin products breached regulations, while the crypto-based products did not.
- The crypto exchange operator was taken to court by ASIC for violating Design and Distribution Obligations (DDO) rules.
Friday, 23/08/2024 | 05:53 GMT by
Arnab Shome
Australia's Financial Regulator Cancels Libertas Financial Planning License
- The regulator acted under the Compensation Scheme of Last Resort (CSLR) regulation, which took effect in April.
- The CSLR made a compensation payment to the affected client on 24 July 2024.
Monday, 19/08/2024 | 13:55 GMT by
Jared Kirui
Exclusive: “ASIC Is Monitoring the Emergence of Prop Trading Firms”
- Finance Magnates recently interviewed Dr Rhys Bollen, ASIC's Digital Assets Senior Executive Leader, discussing the regulator’s focus areas and challenges.
- “An area for future focus for ASIC is the distribution of CFDs by issuers via emerging channels, such as ‘prop trading’ services,” he said.
Wednesday, 14/08/2024 | 13:40 GMT by
Arnab Shome
ASIC and Vietnam’s SSC Formalize Regulatory Partnership with New MoU
- The MoU is part of a capacity-building program funded by DFAT through the Mekong Australia Partnership.
- It aims to enhance technical cooperation, information sharing, and market transparency.
Monday, 05/08/2024 | 08:14 GMT by
Tareq Sikder
Director's “Cavalier Attitude” Leads to 10-Year ASIC Ban, License Loss
- ASIC bans United Global Capital director for a decade and cancels company's license due to misconduct.
- The regulator found that UGC engaged in deceptive practices and failed to meet licensee obligations.
Wednesday, 31/07/2024 | 06:56 GMT by
Damian Chmiel
Two Aussie Directors of Troubled FX and CFDs Broker XTrade Banned
- One of the directors is facing a two-year ban from carrying out any financial services business, while the other is facing a five-year ban.
- ASIC also cancelled the broker's licence earlier this year.
Thursday, 18/07/2024 | 06:15 GMT by
Arnab Shome
Australian Watchdog Steps Up Oversight of Financial Advisers and Traders
- ASIC announces new reporting rules for financial advisers using the experienced provider pathway.
- The regulator also calls on market intermediaries to strengthen the supervision of communication.
Wednesday, 26/06/2024 | 06:02 GMT by
Damian Chmiel
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