Australia’s financial markets and service providers regulator Australian Securities and Investments Commission (ASIC) announced it has canceled the local license of the owner of the forex broker GallopFX, Gallop International Group Pty Ltd, formerly known as Weather Pro Exchange Pty Ltd.
The cancellation is active from May 24, 2017, but the company has the right to appeal the decision.
According to ASIC, the company has repeated failed to comply with its conditions and obligations under financial services laws in their part regarding lodgement of financial statements, audit reports, breach reports, notifications of change in control and the appointment of an auditor.
“The opportunity to hold an Australian financial services licence requires compliance with some fundamental obligations, including reporting requirements. Where licensees fail to meet those obligations, ASIC will act to remove them from the financial services industry”, said ASIC Commissioner John Price.
GallopFX had a license to provide financial product advice, deal in a financial product and provide custodial or depository services to retail and wholesale clients, and make a market in foreign exchange contracts and derivatives products to wholesale clients.
Judging by the content on the broker’s site, it is based in Australia, but is mostly targeting Chinese-speaking clients. It is offering trading in forex, CFDs and precious metals on the popular MetaTrader 4 platform.