FX is the most liquid market in the world with over 5 trillion USD in daily turnover, and 1.6 trillion USD in OTC spot transactions executed each day on average. Volatility makes it an attractive investment vehicle for many traders around the world, institutional and retail. Retail FX has been around for longer than 2 decades now, but we have yet to see the industry reach a mature state.
More than a few times over the past year I have come across the cases where companies thought they were paying for legitimate ASIC licenses whereas in reality that was not the case. There appears to be several light fingered agents operating in the market (particularly, in Asian region) that “sell ASIC licences” at a discount fare.