May 4, 2021 | AtoZ Markets – Embattled Forex broker Union Standard International Group Pty Ltd, better known as USGFX, announced on Tuesday that it is rebranding to United Strategic International Group.
After losing its Australian license, the brokerage firm which now operates with licenses obtained from the regulators in the United Kingdom, South Africa, St. Vincent and the Grenadines, is rebranding itself along with local subsidiaries.
Under the United Strategic International Group, the subsidiaries will be known as:
- St. Vincent and the Grenadines – United Strategic International LCC
- South Africa – United Strategic International (Pty) Ltd
- United Kingdom – United Strategic International Limited
Why is USGFX rebranding?
The rebranding has probably pushed to drop the tainted USGFX brand, which has created a ton of controversy with its Australian operation. As AtoZ Markets reported, the Australian Federal Court ruled to liquidate Union Standard International Group Pty Limited after the company agreed to bankruptcy proceedings on July 8, 2020.
Despite such troubles, the shareholders faced allegations from the liquidators of non-cooperation in the process and also for not providing access and control of the trading platforms.
In addition, the struggles of the Vanuatu-based forex broker were far from over as the Puerto Rican bank accounts of the firm were frozen. However, it is not clear if it has regained access to the accounts.
“As we were managing the crisis in 2020, we had developed into a brand-new concept for the business and took the inspiration into forming our new name. We would like to present ourselves again with a better strategy and a more comprehensive vision through branding communication,” the broker group noted in the official announcement.
As a reminder, the company has moved its headquarters from Australia to the United Kingdom and gained the South African license in October 2020. Moreover, it parted from the controversial owner Hien Min Soe, who was blamed for the woes in Australia.