In grappling with the Australian Securities and Investments Commission’s (ASIC) decision in the spring of 2019 to have AU registered brokers stop transacting with non-AU residents companies have taken different approaches. Some have already migrated customers into new jurisdictions, including offshore, while others have decided against it, effectively ceasing to do business with such customers. Yet others have yet to make a decision on this matter and continue to service non AU-residents.
FXCM, a retail Forex juggernaut, is becoming the latest such broker to make the decision to migrate its non-AU customers pappered with its AU entity to an offshore jurisdiction. The brokers Chinese customers are reporting that they have been instructed to migrate their trading account to an FXCM affiliated entity registered in the Bahamas.
While the Bahamas does not have the type of regulation and client protections as Australia, FXCM has the opportunity to utilize such services as the Financial Commission in order to alleviate any concerns with respect to customer protections or disputes. Our free dispute resolution has been serving such offshore entities for over 6 years. To find out more, click here.