AxiCorp seeks review of ASIC’s decision for license suspension

Maria Nikolova

The Tribunal has granted a stay of the suspension pending final review, meaning that AxiCorp can continue to provide financial services until a final decision by the Tribunal is made.

The Australian Securities & Investments Commission (ASIC) today announces that online trading company AxiCorp operating as AxiForex, AxiPrime and AxiTrader, is seeking a review of ASIC’s decision to suspend its license.

On January 2, 2020, ASIC suspended the Australian financial services (AFS) licence of AxiCorp for four months. On the same day, AxiCorp applied to the Administrative Appeals Tribunal for review of ASIC’s suspension decision, as well as for a stay of the suspension decision and for confidentiality orders.

The Tribunal has granted a stay of the suspension pending final review, meaning that AxiCorp can still provide financial services until a final decision by the Tribunal is made. The Tribunal denied AxiCorp’s request for confidentiality orders.

AxiCorp’s licence was suspended after ASIC found that AxiCorp failed to comply with financial services laws, namely the requirements to:

  • pay client money into an account with an Australian authorised deposit-taking institution
  • lodge product disclosure statement (PDS) in-use notices with ASIC
  • comply with the ASIC derivative transaction rules
  • comply with client money reporting rules; and
  • lodge financial statements with ASIC by the due date.

AxiCorp was also found by ASIC to have breached Condition 3 of its licence which requires AxiCorp to establish and maintain compliance measures that ensure, as far as is reasonably practicable, that the licensee complies with the provisions of the financial services laws.

According to the regulator, AxiCorp is likely to contravene its obligations under s912A of the Corporations Act as a result of deficiencies and systemic failures in AxiCorp’s compliance regime.

Read this next

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

<