ASIC Suspends AFS Licence of Navigate Global Payments

The Australian Securities and Investments Commission announced today the suspension of the Australian financial services (AFS) licence of Navigate Global Payments Pty Ltd (Navigate) until 18 October 2023.

The financial watchdog explained that it took this action because Navigate has been placed into voluntary administration on 30 June 2023.

Besides, ASIC stated that Nick Combis of Vincents Chartered Accountants was appointed as voluntary administrator of Navigate on the same day.

The regulator encourages clients of Navigate to carefully monitor and watch for updates from Navigate, as well as from the administrator, and receivers and managers.

This move comes after ASIC's cancellation of the AFS license of FTX Australia Pty Ltd last month. In addition, it has issued a warning against the operators of www.payback-recovery.com​, who claim that they are a money recovery service helping victims of online fraud or scams get their money back.