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Kristina Frunze

13 February 2018

Regulation Forex

Australian regulator ASIC warns Against Bitcoin and Forex CFD Firms

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In its latest public announcement, Australian regulator ASIC warns against Bitcoin and Forex CFD firms. Specifically, the watchdog mentions AGM Markets, OT Markets and Ozifin. What do we know about these firms?

13 February, AtoZForex The main regulator of the financial markets in Australia, the Australian Securities and Investment Commission (ASIC) has issued a warning on its official website. This time, the watchdog has cautioned the investors’ community against dealing with the number of fraudulent entities.

The ASIC states that it intends to warn the public not to deal with any of the following firms in relation to trading in margin Forex contracts for difference (CFDs) and Bitcoin CFDs.

Australian regulator ASIC warns Against Bitcoin and Forex CFD Firms

Furthermore, the Australian regulator states that these firms are offering personal advice to retail investors, which are not authorized by AGM Markets’ Australian financial services license (AFSL).  Moreover, the watchdog notes that these entities are otherwise involved in business that is misleading and/or unconscionable.

ASIC further is warning that potential investors are most likely to suffer losses in case they will deal with these entities. The regulator also mentioned that it is in the public interest to warn the public about the conduct of these firms.

ASIC obtained Interim Injunction Orders

Following on this, the official announcement on the ASIC website states:

“On 12 February 2018, ASIC obtained interim orders in the Federal Court of Australia against AGM Markets, OT Markets and Ozifin that:

- restrain the entities from removing their assets from Australia, disposing of their property, and to freeze monies in two specified bank accounts; and

- preventing two individuals involved with AGM Markets and OT Markets from leaving Australia without the consent of the Court.”

In addition, the regulator has stated that it sought the injunctions to protect investor funds during the ongoing ASIC investigation. The topic will be further discussed at a hearing on the 15th February 2018.

In order to report information to ASIC about AGM Markets, OT Markets and/or Ozifin, one can contact ASIC on 1300 300 630 or go to www.asic.gov.au/complain.

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