FNG Exclusive… FNG has learned that Union Standard International Group Limited, the UK arm of Soe Hein Minn’s USG Group retail FX brokerage business, has lost its FCA license. The license was cancelled as of December 16, 2022.

We had reported last month that Damian McDowell had resigned his position as CEO of USGFX UK after a year on the job. Mr. McDowell, who previously served as served as CEO of TIO Markets UK, was the only other Director listed for the company other than the controlling shareholder Soe Hein Minn.

As at last report (March 31, 2021), USGFX UK held just under £1 million of client assets. The company’s website at usgfx.co.uk is still active and showing that the company is FCA licensed. However we expect the site to come down in the coming days.

The USG Group is best known in the FX and CFDs sector for the bankruptcy of USGFX Australia, its then-main operating arm, in mid-2020. The USGFX bankruptcy is, more than two years later, still winding its way through administration with hundreds of millions of dollars in customer funds unaccounted for. The aforementioned controlling shareholder of the USG Group, Soe Hein Minn, remains at large and in contempt of court in Australia for refusing to cooperate and help the administrators of USGFX Australia locate and return client funds.