USGFX UK Loses FCA License
Abstract：Union Standard International Group Limited, Soe Hein Minn's USG Group retail FX brokerage business's UK subsidiary, has lost its FCA license. The license was revoked on December 16, 2022.
Union Standard International Group Limited, Soe Hein Minn's USG Group retail FX brokerage business's UK subsidiary, has lost its FCA license. The license was revoked on December 16, 2022.
We reported last month that Damian McDowell, the CEO of USGFX UK, had quit after a year on the job. Mr. McDowell, who formerly served as CEO of TIO Markets UK, was the company's only other Director mentioned besides controlling shareholder Soe Hein Minn.
USGFX UK has just under £1 million in customer assets as of the previous report (March 31, 2021). The company's website, usgfx.co.uk, is still operational and states that it is FCA licensed. However, we anticipate that the site will be taken down in the next few days.
The USG Group is most known in the FX and CFDs industry for the mid-2020 bankruptcy of USGFX Australia, its then-main operational subsidiary. More than two years later, the USGFX bankruptcy is still in administration, with hundreds of millions of dollars in client cash unaccounted for. Soe Hein Minn, the aforementioned majority shareholder of the USG Group, is still at large and in contempt of court in Australia for refusing to assist the administrators of USGFX Australia in locating and returning customer assets.
About USGFX
Union Standard International Group (USG) is an international currency brokerage firm. It looks to be a privately owned company with activities in various nations worldwide.
USG provides forex trading products and services such as spot forex, CFDs (contracts for difference), and futures trading. According to the firm, it provides competitive spreads, quick execution, and a variety of trading platforms and tools for both novice and expert traders.
It is crucial to understand that forex trading is high-risk and may not be appropriate for all investors. Before trading forex, it is critical to fully comprehend the dangers involved and to carefully examine your financial objectives and risk tolerance. It is also critical to choose a recognized and licensed brokerage business, such as USG, to protect the security of your cash.
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