Retail FX brokerage group USGFX set up its UK subsidiary Union Standard International Group Limited in November 2019. The company had applied for and received an FCA license for USGFX UK, which became effective on November 5.
In December 2019 ASIC announced that the Federal Court in Sydney issueed asset restraint orders against Corporate Authorised Representatives of OTC derivatives provider USGFX, or Union Standard International Group Pty Ltd. The Court vacated the orders few days later. USGFX gave an undertaking to the Federal Court to keep the amount of $53,067.33 in a separate bank account, no additional asset restraint order was launched against USG.
The Court also issued orders against director of TradeFred and USGFX John Martin and EuropeFX director Pedro Sasso and any overseas travelling they may have.
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