IronFX Global Australia, the Australian unit of forex brokerage IronFX Global, has been renamed GVS (AU) PTY, according to data published on the website of the Australian Securities and Investments Commission (ASIC). The company now operates under the FXGiants trading brand, according to the Chinese version of its website.
The ASIC registered the name change on 21 January, 2016.
Recently, IronFX Global changed the name of IronFX UK, another of its subsidiaries, to 8Safe UK. The parent company has already reflected on its website its units’ renamings.
The name changes come shortly after in November 2015 IronFX was ordered by the Cyprus Securities and Exchange Commission (CySEC), under which regulation it falls, to pay €335,000 in settlement for denying withdrawals to more than 150 customers, mainly Chinese traders and introducing brokers. The funds they claimed were in the amount of $1.25 million. IronFX has faced a number of legal cases but, as some media have reported, has still not given investors their money back.
According to forex news provider Finance Magnates, IronFX’s reputation in China has been tarnished and the name changes aim to help the brokerage get clients’ trust back. The media also said that GVS AU is fully owned by GVS Ltd., which is registered in the British Virgin Islands and 45%-owned by each IronFX Global and Chinese introducing brokers, while the remaining 10% are owned by a third party investor.
IronFX Global has registered, as previously reported by Finance Magnates, some other trademarks, as well, including OptionTitans, FXWin, FXOptim, and IronMarkets.
IronFX provides trading in forex, spot metals, futures, and shares. The group consists of CySEC-regulated holding company IronFX Global, ASIC-regulated GVS AU, recently-rebranded 8Safe UK, which is authorized by the UK‘s Financial Conduct Authority (FCA), IronFX Global Ukraine, which is a member of Ukrainian forex self-regulatory organization UCRFIN, and IronFX Global South Africa, regulated by South Africa’s Financial Service Board (FSB).
IronFX’s Australia-registered unit was set up in 2010 and is headquartered in Sydney.