Union Customary Worldwide Group Restricted, the United Kingdom-based subsidiary of the USG Group (beforehand generally known as USGFX), has misplaced its authorization from the Monetary Conduct Authority (FCA ), as seen on the regulatory registry.
“This agency can now not present regulated actions and merchandise however beforehand was licensed by the FCA and/or PRA,” the corporate’s registry web page with the FCA said, including that it has not been licensed since 16 December. It means the foreign exchange and contracts for variations (CFDs) dealer can now not provide monetary providers to residents in the UK.
Nonetheless, it’s not clear if the corporate voluntarily renounced its FCA license or if the regulator withdrew its authorization.
The cancellation of the FCA license got here a month after Damian McDowell, the UK CEO of the dealer, stepped down after taking the function in July 2021, changing Simon Quirke. Furthermore, the corporate didn’t title any alternative for McDowell.
On prime of that, the Corporations Home submitting reveals that the agency was integrated on 31 March 2017 and now has Soe Hein Minn, a Burmese nationwide, as the only real Director. Minn, a controlling shareholder of the brokerage group, was ousted from the Board of the UK arm of the dealer in October 2020 however rejoined final yr in July.
Take a look at the current London Summit session on “Regulation Roundup: The whole lot You Have to Know for 2023.”
USGFX as a Controversial Dealer
United Strategic Worldwide is a controversial buying and selling service supplier. It made headlines when its Aussie operations went into voluntary administration in July 2020, adopted by the cancellation of its Australia Monetary Providers (AFS) license. Moreover, the corporate’s directors blamed the dealer’s proprietor, Minn, for not cooperating with the liquidation course of.
A 7-year-old advert of USGFX
Moreover, the dealer moved its headquarters from Australia to London and rebranded final yr to shed its unfavorable popularity.
In the meantime, Union Customary Worldwide remains to be providing providers below a minimum of one in all its offshore entities, which is registered in St. Vincent and Grenadines. It provides counterparty buying and selling providers with round 60 devices on MetaTrader 4 and MetaTrader 5 platforms.
Union Customary Worldwide Group Restricted, the United Kingdom-based subsidiary of the USG Group (beforehand generally known as USGFX), has misplaced its authorization from the Monetary Conduct Authority (FCA ), as seen on the regulatory registry.
“This agency can now not present regulated actions and merchandise however beforehand was licensed by the FCA and/or PRA,” the corporate’s registry web page with the FCA said, including that it has not been licensed since 16 December. It means the foreign exchange and contracts for variations (CFDs) dealer can now not provide monetary providers to residents in the UK.
Nonetheless, it’s not clear if the corporate voluntarily renounced its FCA license or if the regulator withdrew its authorization.
The cancellation of the FCA license got here a month after Damian McDowell, the UK CEO of the dealer, stepped down after taking the function in July 2021, changing Simon Quirke. Furthermore, the corporate didn’t title any alternative for McDowell.
On prime of that, the Corporations Home submitting reveals that the agency was integrated on 31 March 2017 and now has Soe Hein Minn, a Burmese nationwide, as the only real Director. Minn, a controlling shareholder of the brokerage group, was ousted from the Board of the UK arm of the dealer in October 2020 however rejoined final yr in July.
Take a look at the current London Summit session on “Regulation Roundup: The whole lot You Have to Know for 2023.”
USGFX as a Controversial Dealer
United Strategic Worldwide is a controversial buying and selling service supplier. It made headlines when its Aussie operations went into voluntary administration in July 2020, adopted by the cancellation of its Australia Monetary Providers (AFS) license. Moreover, the corporate’s directors blamed the dealer’s proprietor, Minn, for not cooperating with the liquidation course of.
A 7-year-old advert of USGFX
Moreover, the dealer moved its headquarters from Australia to London and rebranded final yr to shed its unfavorable popularity.
In the meantime, Union Customary Worldwide remains to be providing providers below a minimum of one in all its offshore entities, which is registered in St. Vincent and Grenadines. It provides counterparty buying and selling providers with round 60 devices on MetaTrader 4 and MetaTrader 5 platforms.
