USGFX

USGFX is the Retail FX broker brand name operated by a number of companies in a number of jurisdictions. The company is controlled by Myanmar entrepreneur Hein Min Soe, via Samoan company Union Standard Group International Holdings Limited.

The flagship operation of USGFX for many years was based in Australia, via ASIC-licensed subsidiary Union Standard International Group Pty Ltd. USGFX was established in 2005, and grew to become one of the largest FX and CFD brokers in Australia under the direction of CEO Shay Zakhaim. Mr. Zakhaim joined in 2014 after serving as CEO of rival Australia broker YouTradeFX.

Under Mr. Zakhaim’s direction the group set up a UK subsidiary Union Standard International Group Limited in 2017 and went through the FCA license approval process, receiving an FCA license in November 2018.

Looking ahead to the UK launch, and in part to help brand the firm around the world, USGFX signed a three-year deal to be the front-of-shirt sponsor of UK Premier League team Sheffield United in June 2019. Details of that deal weren’t fully disclosed, but Sheffield United did state at the time that it was the largest-ever commercial transaction in the club’s history – meaning millions of dollars a year.

USGFX-UK had planned to begin taking on clients in late 2019 / early 2020. However that coincided with the time the Australia company fell into issues with regulator ASIC.

Due to its continued issued with ASIC, USGFX Australia filed for voluntary administration (i.e. bankruptcy) in July 2020. Mr. Zakhaim resigned his position as CEO, and Australian bankruptcy specialist BRI Ferrier was named administrator.