ASIC obtains freezing order against forex business

The businesses specialise in trading forex, metals and contracts for difference, ASIC said, however the regulator believes both businesses and Gallop director Ming-Chien Wang have been “carrying on an unlicensed financial services business”.

The injunctions will see the bank accounts held by the two businesses and Mr Wang frozen and the businesses unable to carry on without a licence, ASIC said.

The regulator said its investigation is “continuing”, and the injunctions will remain in force until “further order”.

Proceedings for further orders have been listed for 23 November 2017.