Australia imposes record $211 million fine on collapsed broker Union Standard, representatives

Australia imposed a record penalty on collapsed forex broker Union Standard, fining the firm and representatives for misconduct tied to losses suffered by customers. On June 12, 2026, Australia’s federal court ordered a total of A$300.2 million (US$211.37 million) in fines, the securities regulator ASIC said Friday. ASIC stated that Union Standard International and its representatives, Maxi EFX Global AU and BrightAU Capital, targeted inexperienced and vulnerable investors between 2018 and 2020 by pressuring them to deposit more funds while profiting from their losses. The regulator also reported that in 2024, 68% of retail contracts for difference (CFD) investors lost money, totaling more than A$458 million, including A$73 million in fees. Penalties included A$156.7 million against Union Standard, A$114.1 million against EuropeFX, and A$29.4 million against TradeFred. ASIC Chair Sarah Court called the amounts the highest ever in an ASIC matter.