The Australian Securities and Investments Commission (ASIC) issued on Tuesday a notice in which it warned against untruthful claims on www.usgforex.com regarding ASIC regulation. The website claims it is associated with Australian forex broker Union Standard International Group, which is regulated by the ASIC.
Union Standard, however, said it is not linked to the website in any way. The watchdog added it does not regulate the services provided by www.usgforex.com.
Our research shows the www.usgforex.com website is not loading or is no longer operational.
Last week, the ASIC made another forex broker, IronFX Global, remove false suggestions that it is being regulated by the Australian financial watchdog. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) and has a branch in Australia, which is licensed by the ASIC. However, this license only applies for services provided by the Australian company, not by its Cypriot parent or any other company in the group.
Union Standard International Group (www.usgfx.com), also known as USGFX, is based in Australia and has an office in Shanghai, as well as satellite offices in Hong Kong and Auckland. The company has licensed in Australia and also registered in New Zealand. It provides trading services of forex and contracts for difference (CFDs) on currency pairs, indices and commodities.
It uses the trading platform MetaTrader 4 (MT4), an industry leader, as well as social trading platforms ZuluTrade and Myfxbook.