ASIC Blacklists Three Unregulated Forex Brokers


ASIC ended the week by updating its warning list, alerting the public to four unregulated entities, three of which are forex brokers.

06 December, 2019 | AtoZ Markets – ASIC (Australian Securities and Investments Commission) is the regulator of markets and financial services in Australia. Also, it ensures that Australian financial markets are fair and transparent. However, it is an independent Commonwealth government agency.

ASIC Unregulated Forex Brokers

Today, ASIC blacklists three unregulated forex brokers. Those are:

  • BlueLexus (https://www.bluelexus.com/)
  • Fibonetix (https://fibonetix.com/)
  • UCI-Limited (https://uci-limited.com/)

On Friday, the Australian regulator singled out GG Capital Group Limited (operating as BlueLexus), UCI-Limited, and Fibonetix. The regulator has also flagged Hertford Group Hong Kong. But, it is not clear what this entity is offering as its website appears to be unavailable.

In each of the three warnings, the ASIC states: “The ASIC indicates that this company could be involved in a scam. Traders should not deal with those company because it has no license in Australia. Those have made unsolicited calls or emails regarding investments, financial advice, credit, or loans. Also, those entities do not currently hold a license of Australian Financial Services (AFS) or an Australian ASIC credit license. “

Read More: Thailand police arrests 24 Chinese citizens for Bitcoin scam

What Service Those Entities Offer?

UCI-Limited claims that it is an online investment company. “That aims to provide transparent and quality trading services around the world to serve different clients worldwide,” says its website.

BlueLexus and Fibonetix also claim to be trading providers of a range of assets – forex, stocks, commodities, indices, and others. However, ASIC is not the first regulator to warn against Fibonetix. The Luxembourg Financial Regulatory Agency, the Commission de Surveillance du Secteur Financier (CSSF), for operating in the country without having this competent authority.

More specifically, CSSF has warned against Zeus Tech & Trading Group Ltd., which operates via www.fibonetix.com since July this year. “CSSF informs that an entity named Zeus Tech & Trading Group Ltd is not known to it. And it has not received any authorization to provide investment services or other financial services in and from Luxembourg.”

AtoZMarkets’ team has reached out to those entities for the recent updates about the ASIC Blacklists. We are waiting for the updates. We will update you as soon as we get the latest info from those entities.

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