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XM.com, FIBO Group stop providing FX services



By Sums on Thursday,

XM.com, FIBO Group stop providing FX services .


XM.com, FIBO Group stop providing FX services Two overseas entities undertake to stop providing FX services without a license. ASIC said that both Forex brokers XM.com and FIBO Group have Australian customers but neither is not duly authorized to provide financial services in Australia.

Following the ASIC concerns, the British Virgin Islands company FIBO Group Limited (FIBO) and a Cyprus company, Trading Point of Financial Instruments Limited (also known under the trade name XM.com) (trading Point) each agreed to stop, Financial Services, without a license for the Australians. Both have customers but neither unit is duly authorized to provide financial services in Australia.

XM.com, FIBO Group stop providing FX services  The entities were advertising their services in their respective group websites containing information about an entity of the Australian group, which has a similar name who had a Australian Financial Services (AFS) license, namely:
* Trading Point of Financial Instruments Pty Ltd who obtained a licence in December 2013; and

* FIBO (Australia) Pty Ltd who obtained a licence in September 2013.

Source: asic

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