TikTok has officially banned users from promoting financial products and services including cryptocurrency, and has additionally issued a ban on advertisements for cryptocurrency products and exchanges.
In an update to the company’s Branded Content Policy over the weekend, all financial services and products have been added to the banned list.
“All financial services and products are prohibited, including but not limited to lending and management of money assets, loans and credit cards, buy now pay later (BNPL) services, trading platforms, cryptocurrency, foreign exchange, debit and pre-payment cards, forex trading, commemorative coins, pyramid schemes (including non-financial services),investment services, credit repair services, bail bonds, debt assistance programmes, get rich quick schemes, debt consolidation services and penny auctions,” the policy now reads.
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ASIC bans Forex Capital Trading director for ten years and former employees for three to six years from providing financial services
ASIC has banned the sole director and four former employees of retail over-the-counter (OTC) derivative issuer, Forex Capital Trading Pty Ltd (Forex CT), from providing financial services for periods ranging from three to ten years.
Forex CT employed account managers who encouraged clients to trade in high-risk contracts-for-difference (CFDs) and margin foreign exchange contracts (FX Contracts) products issued by Forex CT.
Forex CT chief executive officer, responsible manager and sole director, Shlomo Yoshai, has been banned for ten years. ASIC found Mr Yoshai’s lack of understanding or regard for compliance was so serious it justified the making of the banning period for such a significant period, particularly given he was someone who oversaw the operations of Forex CT.
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Benjamin Heath Cooper charged with conspiracy to commit market manipulation
Benjamin Heath Cooper of Bexley NSW appeared on Friday 12 March 2021 in the Perth Magistrates’ Court charged with conspiracy with others to manipulate the market for the shares of Quantum Resources Limited.
ASIC alleges that, on 16 November 2015, Mr Cooper conspired with Avrohom Kimelman and Don Evans to manipulate Quantum’s share price, in contravention of sections 1041A and 1311(1) of the Corporations Act 2001 (Cth) and section 11.5(1) of the Criminal Code (Cth) (20-223MR).
Quantum is now known as Nova Minerals Limited.
At the time of the alleged offence, market manipulation carried a maximum penalty of ten years’ imprisonment. In March 2019, the maximum penalty for this offence was increased to 15 years imprisonment.
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ASIC commences proceedings against Membo Finance over hardship requests
ASIC has commenced civil penalty proceedings in the Federal Court against Membo Finance Pty Ltd (Membo) and its sole credit representative Richmond Group Financial Services Pty Ltd (RGFS) for alleged contraventions of the National Consumer Credit Protection Act (the Act).
These proceedings include allegations of failures by Membo and RGFS to comply with the Act when borrowers experienced financial hardship. Protecting consumers from harm at a time of heightened vulnerability during the pandemic is a priority for ASIC.
Membo and RGFS carry on a credit business trading as ClearLoans, which provides loans between $3,000 and $15,000 on a 12 to 60-month term with a fixed interest rate of 43 per cent per annum. All loans are secured by a personal guarantee, usually given by a friend or relative of the borrower. In the event of default by the borrower, ClearLoans attempts collection from the guarantor.