On 11 June 2026, Australia's Federal Court ordered combined penalties of A$300.2 million against Union Standard International Group, trading as USGFX, and related CFD operators EuropeFX and TradeFred.
How the Penalty Was Divided
USGFX was ordered to pay A$156.7 million, EuropeFX A$114.1 million and TradeFred A$29.4 million. ASIC described the combined order as its largest penalty in a single case.
What the Court Found
The court found systemic unconscionable conduct between 2018 and 2020, including targeting inexperienced consumers, misleading profit representations, pressure to deposit larger sums and unlicensed personal advice. Documented client losses exceeded A$83 million. The firms generated revenue from client losses in 95 to 99 percent of trades, according to ASIC's case.
Additional Orders
The court permanently restrained EuropeFX from providing financial services, required refunds of customers' net deposits and made an adverse publicity order.
BestForex.io View
A record judgment after a long wait
The scale of the order matters, but affected consumers experienced losses years before the final penalty. Enforcement is strongest when accountability and restitution arrive quickly.
About USGFX, EuropeFX and TradeFred
The three CFD brands operated through Australian entities involved in ASIC's case. Union Standard's Australian license was cancelled in 2020.
Frequently Asked Questions
How much were the firms ordered to pay?
The combined Federal Court penalties totaled A$300.2 million.
Is USGFX still licensed in Australia?
No. Union Standard's Australian financial services license was cancelled in September 2020.