The Australian Securities and Investments Commission (ASIC) has recently annulled the Australian financial services (AFS) licence of Velos Global Markets Pty Ltd. This decision took effect on September 23, 2025. The regulatory body invoked section 915B(3) of the Corporations Act 2001 (Cth) as the basis for this action after determining that Velos had not been involved in providing financial services since approximately May 2024.
ASIC’s decision underscores the importance of compliance with regulatory standards within the financial services sector. By cancelling the licence, ASIC aims to protect consumers and maintain the integrity of the Australian financial market. The suspension of operations by Velos Global Markets raised concerns regarding its compliance and ability to meet the obligations required of licensed providers.
Velos has the option to contest ASIC’s decision by seeking a review from the Administrative Review Tribunal. This pathway allows for a formal examination of the cancellation process and any related issues, enabling the company to potentially reinstate its licence if it can demonstrate adherence to the required regulatory framework and operational integrity.
The decision by ASIC reflects a broader commitment to ensuring that only organizations actively engaged and compliant with relevant laws can operate within Australia’s financial system. Importantly, regulatory bodies maintain strict oversight to assure that standards are upheld and that firms engaged in financial services continue to meet their obligations.