FXOpen Has Lost Its Australian License

This week's top highlights start on Australia's tough regulatory terrain, where FXOpen became the latest target of the Australian Securities and Investments Commission (ASIC). The regulator canceled the license of the forex and contracts for differences (CFDs) broker held by the local entity FXOpen AU Pty Ltd.

Announced this week, the regulator detailed that the action against the retail broker came after an investigation identified serious concerns about the “inadequacy of its human resources to provide financial services and to carry out supervisory arrangements.” ASIC elaborated that the broker failed to meet three key AFS licensing requirements, which include maintaining competence to provide financial services, complying with the “key person” condition on its license, and adhering to financial services laws.

IC Markets Gets Hit Again with €50K Fine from CySEC after €200K Penalty

The Cyprus Securities and Exchange Commission (CySEC) imposed a €50,000 fine on IC Markets (EU) Ltd for violations of the Investment Services and Activities and Regulated Markets Law. The decision was made during a board meeting on July 1, 2024.

The company has been fined €30,000 for failing to ensure the best possible outcomes for its clients when executing orders. According to the regulator, IC Markets (EU) Ltd did not adequately consider factors such as price and size in its execution process. IC Markets also faces a €10,000 fine for not establishing and implementing effective measures to comply with its obligations regarding client order execution.