ASIC temporarily suspends the license of Direct FX

Australia’s regulator, the Australian Securities & Investment Commission (ASIC) has temporarily suspended the license of the forex broker Direct FX. According to the Commission’s statement, the reason for the measure is that Direct FX Trading Pty Ltd. has failed to maintain financial soundness, and comply with some with its duties.

More specifically, the company failed to comply with the applicable capital adequacy requirements and maintain net tangible assets of at least $1,000,000. It also did not submit an audit report covering certain important matters and did not replace key persons named on its licence.

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