Regulation· ★★★· bearish·

ASIC Probes MGF Capital Over Up to AU$138 Million in Investor Losses

  • —ASIC is examining oversight, due diligence and compliance failures at MGF Capital
  • —Main Group FX held authorisation from February to December 2023 before payouts and withdrawals stopped
  • —13 investors known to the ABC lost over AU$2 million, including a Perth retiree who lost AU$176,000
  • —Former Main Group FX CEO Karim Farag is among 599 names on Israel's 2024 crypto account holder list
Why it matters: The case highlights risks in authorised representative licensing models and links crypto accounts to terrorism-financing investigations.
Source: Crypto News Australia
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