Exclusive: USGFX UK loses FCA license
The USG Group is best known in the FX and CFDs sector for the bankruptcy of its then-main operating arm USGFX in Australia in mid-2020.
The USG Group is best known in the FX and CFDs sector for the bankruptcy of its then-main operating arm USGFX in Australia in mid-2020.
Total claims against USGFX now total $357 million, while cash recovered by administrator BRI Ferrier is just $8 million.
The group’s offshore website has been changed from usgfx.global to usgforex.com, as the company looks to drop the “USGFX” brand.
Following the collapse of USGFX Australia, the USG Group stated that it would make London the new headquarters for USGFX.
USGFX’s shareholder accused BRI Ferrier of instructing the First Bank in Puerto Rico to freeze USGFX Global’s accounts there.
USGFX shareholder Soe Hein Minn is actively attempting to prevent the liquidator from dealing with the company’s affairs.
MetaQuotes have indicated that they are not prepared to arrange for the transfer of USGFX’s MT4 and MT5 licenses.
The license is a “Category 1” license, enabling USGFX-South Africa to engage in transactions in derivative instruments as an intermediary.
The story of the bankruptcy of Australian Retail FX broker USGFX just got stranger. And, potentially, a lot bigger.
New disclosures made by administrators-turned-liquidators BRI Ferrier shed more light on what happened at USGFX leading up to July 8.