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.
AFCA, ASIC, featured, Union Standard International Group Pty Ltd, USG, USGFX
0 Comments
The Australian Financial Complaints Authority (AFCA) has dashed the hopes for compensation of the victims of Union Standard International Group Pty Ltd (USG).
AFCA, featured, Union Standard International Group Pty Ltd, USGFX
0 Comments
AFCA will now review complaints against insolvent financial firms and other complaints that have been on pause.
Damian McDowell, featured, Soe Hein Minn, Union Standard International Group Limited, USGFX, USGFX bankruptcy, USGFX UK
0 Comments
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.
Damian McDowell, featured, Union Standard International Group Limited, USGFX, USGFX bankruptcy
0 Comments
Damian McDowell joined USGFX-UK just over a year ago as CEO, after serving as the CEO of TIO Markets UK.
featured, USGFX, USGFX bankrupt, USGFX bankruptcy
0 Comments
USGFX liquidator BRI Ferrier has shifted its focus to recovery actions, and a Public Examination of key parties involved will be held.
AFCA, AFCA Datacube, Australian Forex broker, featured, USGFX
0 Comments
USGFX received most complaints (543) among Forex dealers in the second half of 2021, according to the AFCA Datacube.
BRI Ferrier, Soe Hein Minn, USGFX, USGFX bankrupt, USGFX bankruptcy
0 Comments
Total claims against USGFX now total $357 million, while cash recovered by administrator BRI Ferrier is just $8 million.
AFCA Datacube, IC Markets, IG Australia, USGFX
0 Comments
USGFX tops the complaints chart among FX dealers, whereas IC Markets remains on top of the complaints ranking among derivatives dealers.
Damian McDowell, TIO Markets, TIOMarkets, Union Standard International Group Limited, USGFX, USGFX bankruptcy
0 Comments
Damian McDowell replaces Simon Quirke, who led USGFX-UK as CEO since 2018 until resigning earlier this year.
AFCA, Berndale, CSLR, Mayfair winding up, MyPlanner, Sterling Group, USGFX
0 Comments
A new Australian compensation scheme gives hope to customers of insolvent firms such as Berndale, USGFX, and MyPlanner.
