Exclusive: USGFX creditors claim $30M owed, versus $6M assets
Claims allege that USGFX provided a service to hold client funds in Australian bank accounts and earn interest, rather than for trading purposes.
Claims allege that USGFX provided a service to hold client funds in Australian bank accounts and earn interest, rather than for trading purposes.
USGFX’s CySEC license application is reported to be in “final stages”, although apparently it has been delayed due to Covid-19 related administrative issues in Cyprus.
Union Standard operates the USGFX retail FX broker brand. The company announced 12 days ago, on July 9, that it was entering voluntary administration.
FX industry consolidation continued, with FXOpen preparing for Brexit by buying CySEC licensed AMB Prime.
FNG has learned that USGFX’s longtime CEO Shay Zakhaim has ended his tenure with the company.
Creditors of bankrupt Australian retail FX and CFDs broker USGFX will hold their first formal creditors’ meeting next Monday, July 20.