The Australian Securities and Investments Commission (ASIC) has banned former directors and responsible managers of XTrade.AU Pty Ltd, Mr Shay Zakhaim and Mr Anthony Anderson, from carrying on of a financial services business, either as a director or responsible manager, for three and five years respectively.
XTrade offered clients opportunities to trade in contracts for difference (CFDs) and foreign exchange contracts (FX contracts).
ASIC has also cancelled the Australian Financial Service (AFS) licence of XTrade after finding it failed to comply with financial services laws between June 2018 and September 2022 and engaged in unconscionable conduct.
As directors and responsible…
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