ASIC obtains freezing order against forex business

The corporate regulator has obtained interim injunctions against Gallop International Group and Gallop Asset Management on suspicion the businesses were operating without an AFSL.

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.

ASIC obtains freezing order against forex business
AFSL, GIG, GAM, Gallop International Group, Gallop Asset Management, Ming-Chien Wang, forex, contracts for difference, CFDs, ASIC
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.