FCA Cancels USGFX UK's License

The FCA license of Union Standard International Group Limited (USGFX UK), the UK branch of retail forex broker USGFX Group, has reportedly been revoked on December 16, 2022.

Back to July 2020, the Australian subsidiary of the USGFX Group entered into liquidation. Meanwhile, the Australian Securities & Investments Commission (ASIC) had suspended the AFS license of the group. The regulator canceled the license officially after two months. 

To get rid of the impact of the bankruptcy of USGFX Australia, USGFX announced in May 2021 that it would rebrand​ to United Strategic International Group, and its main website for offshore clients had been changed from usgfx.global to usgforex.com.

Then in August 2021, USGFX UK named Damian McDowell​ as its CEO, succeeding Simon Quirke​ who left in June. But the appointment did not take the group out of the woods. McDowell had also ended his tenure​ at the UK subsidiary last month.