Malaysian Trader Faces Withdrawal Issues with LONG ASIA GROUP

In a concerning development within the online trading community, a Malaysian trader has reported significant difficulties in withdrawing his funds from LONG ASIA GROUP, a broker that has come under scrutiny for its questionable practices and revoked regulatory status. The trader, identified as Aaron, has been attempting to withdraw approximately $330 from his trading account since 2nd of August 2024. Despite his repeated efforts, Aaron's withdrawal request remains in a “pending” status, leaving him in financial limbo for over three weeks.

Aaron's ordeal began when he initiated the withdrawal process with LONG ASIA GROUP, expecting a routine transfer of funds. However, what he encountered was a series of delays and unfulfilled promises. As days turned into weeks, the broker continued to assure him that his withdrawal request was being processed, yet no funds were transferred to his account. The prolonged delay and lack of transparency have raised serious concerns about the broker's practices and its ability to honour its financial commitments to its clients.

The situation is further compounded by troubling revelations about LONG ASIA GROUP's regulatory status. The broker claims to operate under a license issued by the Australian Securities and Investments Commission (ASIC), with license number 001303060. However, a thorough investigation into the broker's regulatory standing reveals that this license has been revoked. The official regulatory status of LONG ASIA GROUP is now classified as “Revoked,” signalling a potential breach of compliance with financial regulations.

The revocation of an ASIC license is a significant red flag for traders and investors alike. ASIC is known for its stringent regulatory framework designed to protect consumers and maintain the integrity of the financial markets. The fact that LONG ASIA GROUP no longer holds a valid license from this reputable regulator casts doubt on the broker's legitimacy and raises concerns about the safety of funds entrusted to it by traders.

Aaron's case is unfortunately not an isolated incident. The withdrawal issues he faces are symptomatic of broader problems within the online trading industry, where unregulated or poorly regulated brokers operate with impunity, often leaving traders with little recourse when things go wrong. The revocation of LONG ASIA GROUP's ASIC license should serve as a stark warning to traders considering engaging with the broker. Regulatory revocation typically occurs when a broker fails to comply with legal and financial obligations, which can include improper handling of client funds, lack of transparency, or other violations that put traders at risk.

The ongoing situation with LONG ASIA GROUP underscores the importance of conducting thorough due diligence before engaging with any online broker. Traders must verify the regulatory status of a broker and ensure that it holds a valid license from a reputable financial authority.