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Vantage Prime will no longer service non-Australian clients

May 20 2019
By
Jonathan Smith

 

Vantage Prime, which is a part of the Vantage FX group, announced it will no longer service non-Australian clients, online media Finance Magnates reported today. The broker’s decision is taken due to regulatory concerns.

 

Vantage Prime has reportedly sent out emails to its clients outside Australia, informing them that they can close their positions and sign up to the broker’s Cayman Islands-regulated entity instead.

 

In light of recent regulatory announcements of the Australian Securities and Investments Commission (ASIC), the broker’s move is not surprising. The Australian financial watchdog officially warned local forex brokerages to be careful not to break any overseas laws while offering OTC derivatives to retail investors in Europe and other overseas jurisdictions previous month.  The country’s parliament approved a product intervention law, and ASIC requested that Australian brokers provide certain data on overseas clients until the end of June. 

 

Actually, Vantage Prime is not the first Aussie that reassesses its business due to the complex regulatory environment. Previous week IFGM started closing accounts of some overseas clients.

 

TAGS: Vantage FX  Australia  regulation  overseas clients 

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