FXOpen Forex Broker Opposes Revocation of ASIC License
Australian forex broker FXOpen said it would fight ASIC's decision to revoke its financial services license in Australia. The broker plans to challenge the regulator's decision in an effort to restore its operational status in the country.
Forex broker FXOpen recently announced its plans to appeal againstASIC's decision to cancel the Australian Financial Services (AFS) license. This comes after an ASIC investigation raised significant concerns about the broker's ability to meet important licensing requirements, leading to regulatory action.
According to ASIC, forex broker FXOpen has faced several compliance failures, including not having a 'key person' responsible for overseeing operations and does not have sufficient human resources to provide financial services. The regulator claimed that the broker, known for its low-cost trading and swap-free accounts, failed to fulfill several obligations under its AFS license, such as maintaining competencies required to provide financial services, comply with 'key person' provisions, and comply with wider financial services legislation.
In response, FXOpen AU CEO, Jafar Calley, expressed his disappointment, stating that the company had been actively working with ASIC to address this issue but was unable to resolve it before license revoked.Calley confirmed that FXOpen plans to continue to address the issues raised by the regulator and will appealthe decision with the aim of having its license reinstated.
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See also:FXOpen Withdrawal Guide < /strong>