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.
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1 Comment
MetaQuotes have indicated that they are not prepared to arrange for the transfer of USGFX’s MT4 and MT5 licenses.
Soe Hein Minn, South Africa FSCA license, Union Standard International Group Pty Ltd, USGFX
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The license is a “Category 1” license, enabling USGFX-South Africa to engage in transactions in derivative instruments as an intermediary.
Hein Min Soe, Union Standard International Group Limited, USGFX
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The move comes as USGFX / Union Standard is in process of relocating its global headquarters and the nexus of its operations to the UK.
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The story of the bankruptcy of Australian Retail FX broker USGFX just got stranger. And, potentially, a lot bigger.
Union Standard International Group Pty Ltd, USGFX, USGFX bankrupt, USGFX bankruptcy
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We had reported back in mid July that ASIC had suspended USGFX-Australia’s license after the company was put into voluntary administration.
EuropeFX, Maxi EFX Global AU Pty Ltd, Roy Almagor, Union Standard International Group Pty Ltd, USGFX, USGFX bankruptcy
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Maxi EFX operated the EuropeFX brand in Australia, and acted as a representative of now-bankrupt USGFX Australia.
The USGFX-UK statement indicates that London will replace Sydney, Australia as the group’s global headquarters.
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New disclosures made by administrators-turned-liquidators BRI Ferrier shed more light on what happened at USGFX leading up to July 8.
Union Standard International Group Pty Ltd, USGFX, USGFX bankrupt
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We understand that the administrator is still pursuing a sale of USGFX’s assets, including (primarily) its client list.
BRI Ferrier, forex broker bankruptcy, Soe Hein Minn, Union Standard International Group Pty Ltd, USGFX, USGFX bankrupt, USGFX bankruptcy
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USGFX shareholder Soe Hein Minn is refusing administrator requests for access to the bankrupt company’s MT4 and MT5 platforms.
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