ASIC cancelled Velos Global Markets’ AFS licence on 23 September 2025 due to inactivity since May 2024.
The decision was made under section 915B(3) of the Corporations Act 2001 (Cth), reflecting ASIC’s enforcement of compliance obligations.
Velos Global Markets Pty Ltd is no longer authorised to provide financial services in Australia, following the cancellation of its Australian Financial Services (AFS) licence by the Australian Securities and Investments Commission (ASIC). The cancellation officially took effect on 23 September 2025.
The move comes after ASIC found that Velos had effectively stopped operating in the financial services sector around May 2024. Acting under section 915B(3) of the Corporations Act 2001 (Cth), ASIC determined the company had ceased carrying on a financial services business—grounds sufficient for licence cancellation under regulatory standards.
Velos Global Markets had held its AFS licence since 13 November 2017 under licence number 500701. While the cancellation marks the end of its regulatory status, Velos still has the right to appeal the decision through the Administrative Review Tribunal, which could reassess the case and potentially alter the outcome.
This development underscores ASIC’s firm stance on compliance and reinforces its role in ensuring that only active and responsible entities remain licensed in Australia’s financial services industry.
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By
Staff Writer
