- ASIC cancels FXOpen AU Pty Ltd AFS license due to non-compliance with key obligations and inadequate human resources.
The Australian Securities and Investments Commission (ASIC) has revoked the Australian Financial Services (AFS) license of FXOpen AU Pty Ltd, a forex and contracts for differences (CFDs) broker.
The regulator’s decision, follows an investigation that raised concerns about the broker’s ability to meet key licensing obligations.
ASIC found that FXOpen failed to maintain adequate human resources for providing financial services and supervising operations.
Additionally, the broker did not comply with the ‘key person’ condition of its license and failed to adhere to financial services laws.
