Australian regulator cancels licence of RVM Capital

Maria Nikolova

The company has failed to lodge its annual financial statements and auditor’s reports for three consecutive years.

The Australian Securities and Investments Commission (ASIC) today announced the cancellation of the Australian financial services (AFS) licence of RVM Capital Pty Ltd. The regulatory decision stems from the company’s failure to lodge its annual financial statements and auditor’s reports for three years in a row.

RVM Capital Pty Ltd held the AFS licence no. 457140. The licence cancellation was effective from January 21, 2020 but was reported just today by the regulator.

ASIC notes that licensees must have the financial resources to provide the services covered by their licence and to conduct their business lawfully. They must demonstrate this by lodging their financial statements and auditor’s reports annually.

The regulator may suspend or cancel a licence if the licensee fails to meet this obligation.

The cancellation of RVM’s AFS licence forms part of ASIC’s ongoing efforts to improve standards across the financial services industry. Earlier this week, the regulator published an update on its enforcement work showing a rise of 10% in the number of enforcement investigations for the year to January 2020.

Among the latest AFS license cancellations by ASIC is that of Financial Options. In cancelling the AFS licence, ASIC said it found that Financial Options had not complied with its financial requirements and had not done all things necessary to address ASIC’s concerns in relation to organisational competence, human resources and compliance requirements.

Read this next

Fintech

Ouinex taps Netdania to build institutional-grade crypto trading platform

Ouinex intends to always bring the best of TradFi electronic trading infrastructure to Web3 including innovative universal cross-margining capabilities so that users can trade TradeFi instruments by using their crypto holdings as margin.

Retail FX

BDSwiss Elevates Traders’ Experience with Advanced Trading Tools

In the fast-paced world of financial markets, having access to advanced trading tools and educational resources is crucial for traders aiming to stay ahead of the curve.

Market News

Gold & Silver rally, made in China

Gold prices correlate with the US bond market, and the US Dollar influences the Gold/Silver ratio. Chinese market premiums for Gold and Silver suggest continued uptrends. Inflation-adjusted peaks indicate current prices are not overly expensive, implying potential for further gains.

Market News

Japan’s Monetary Policy and FX Intervention: Key Takeaways from the G20 Meeting

At the G20, BoJ President Kanda and Finance Minister Suzuki emphasized stable exchange rates and cautious FX intervention, signaling imminent action. Softer US inflation data and potential BoJ rate hikes are impacting USD/JPY

blockdag

Top 3 Cryptos of 2024: BlockDAG’s $1 Prediction, Immutable’s Remarkable Price Increase, and Solana’s Promising Future

Explore pivotal changes in the cryptocurrency market through our analysis of Solana, Immutable, and BlockDAG. Explore how BlockDAG raised $34.7M in its presale with advanced technologies.

Fintech

UK bank Kroo bans crypto transactions, warns account closure

London-based digital bank Kroo has imposed a ban on cryptocurrency transactions, another blow for crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Web3

MoonPay onboards Gucci, Puma, and Mastercard to Web3 Tools

Blockchain payments infrastructure firm MoonPay has unveiled a new platform to simplify the Web3 experience for brands and consumers. The platform, dubbed Web3 Tools, helps brands provide a less complex Web3 journey.

blockdag

BlockDAG’s Keynote Video Drives $34.7M in Presales, Gaining Traction Among Solana (SOL) Investors and Litecoin Enthusiasts

Discover BlockDAG’s leadership in cryptocurrency, attracting Solana (SOL) investors and Litecoin enthusiasts with its strong growth prospects and groundbreaking mining technology. 

Digital Assets

Mt. Gox users alarmed by $10 billion transfer to unknown wallet

Mt. Gox has transferred 42,830 BTC, worth about $2.9 billion, from its cold wallets, according to Arkham Intelligence data. This marks the first major transfer from the defunct bitcoin exchange in five years.

<