Two Directors of Xtrade Banned by Australian Financial Regulator ASIC

On July 18, the Australian Securities and Investment Commission (ASIC) banned former directors of CFD broker Xtrade, Shay Zakhaim and Anthony Anderson, from conducting business in the financial services industry for 3 and 5 years respectively.

The directors were responsible for the compliance of Xtrade by ensuring the firm and its representatives complied with Australian financial laws.

However, the ASIC canceled the license of Xtrade on April 26 of this year due to the unconscionable conduct of the broker engaged in June 2018 and September 2022.

According to the regulator, the representatives of Xtrade took aggressive and unfair sales tactics toward local clients and made them trade more funds than they wanted to. ASIC believed the directors Zakhaim and Anderson were involved in inadequate arrangements that led to the dishonest behaviors of the representatives.