Trademax Australia (TMGM): ASIC interim DDO stop orders of May 2024 and their lifting on 25 June 2024

This report records a regulatory action by the Australian Securities and Investments Commission against Trademax Australia Limited, the Australian entity behind the TMGM service in Australia. On 23 May 2024 ASIC announced that it had made two interim stop orders preventing the firm from opening trading accounts or dealing in contracts for difference or margin foreign exchange contracts to retail investors. According to ASIC's media release, the orders were valid for 21 days unless revoked earlier, were extended as of 13 June 2024, and were lifted from 25 June 2024. [1]

ASIC said it acted after concerns that Trademax had failed to take reasonable steps likely to make its retail distribution conduct consistent with two target market determinations. Its concerns focused on an inadequate retail investor questionnaire and a lack of other onboarding controls for assessing whether clients were likely to be in the target markets. These points are recorded here as concerns stated by the regulator, not as adjudicated findings. [1]

The factual record in brief

1. 23 May 2024: ASIC announces two interim stop orders preventing Trademax Australia Limited from opening trading accounts or dealing in CFDs or margin FX contracts to retail investors. [1]
2. ASIC states that the orders did not prevent existing clients from varying or closing CFD positions. [1]
3. 13 June 2024: an editor's note on ASIC's page records that the orders were extended as of that date. [1]
4. 25 June 2024: a second editor's note records that the orders were lifted from that date. [1]

Which company this report covers

TMGM's Australian regulatory supervision page identifies Trademax Australia Limited, ABN 76 162 331 311, AFSL 436416, as the Australian financial services company behind the Australian TMGM service. This report therefore concerns Trademax Australia Limited and the Australian service only. It does not establish anything about other entities operating under the TMGM name, nor about TMGM services in other jurisdictions. [2]

What target market determinations and design and distribution checks do here

ASIC described the design and distribution obligation relevant to this action as requiring issuers and distributors to take reasonable steps that will, or are reasonably likely to, result in retail distribution conduct being consistent with the product's target market determination. In this account, ASIC's stated concerns concerned Trademax's questionnaire and other onboarding controls for CFDs and margin FX, including crypto CFDs. This is a report of ASIC's description, not legal advice or a complete explanation of the Australian regime. [1]

ASIC's stated questionnaire concerns

ASIC listed several specific concerns about the retail investor questionnaire used during onboarding. Each item below reflects ASIC's stated concerns at the time of the announcement and should be read as such. [1]

• Insufficient enquiry into a client's financial situation, risk tolerance and investment objectives in relation to leveraged CFDs and margin FX. [1]
• Insufficient enquiry into risk tolerance and technical understanding in relation to crypto CFDs. [1]
• Warning messages that prompted applicants to review their answers and allowed alternative responses. [1]
• An arrangement allowing two attempts every 24 hours for an indefinite period, together with a tick-box acknowledgement. [1]

ASIC also referred to a lack of other onboarding controls for assessing whether clients were likely to be within the target markets. No finding beyond these stated concerns is reported by the source used here. [1]

Practical scope of the interim orders

According to ASIC, the stop orders prevented the opening of new trading accounts and dealing in CFDs or margin FX contracts with retail investors while they were in force. They were described as interim measures, valid for 21 days unless revoked earlier. Importantly, ASIC stated that the orders did not prevent existing clients from varying or closing CFD positions. Nothing in the source indicates that existing accounts were frozen or that withdrawals were blocked, and this report makes no such claim. [1]

Timeline

1. 23 May 2024: ASIC issues two interim stop orders against Trademax Australia Limited covering retail account opening and dealing in CFDs and margin FX, citing concerns about consistency with two target market determinations. [1]
2. 13 June 2024: ASIC's editor's note records that the orders were extended as of this date. [1]
3. 25 June 2024: ASIC's second editor's note records that the orders were lifted from this date. [1]

What the source establishes and what it does not

The ASIC media release establishes the dates above, the products and client class affected, the practical carve-out for existing clients varying or closing positions, and the regulator's stated concerns about the questionnaire and onboarding controls. It does not announce a fine, a compensation amount, an admission of wrongdoing, a court finding, a customer-loss total, remediation detail, or a reason why the orders were lifted. This report adds none of those elements, and readers should treat any such claim found elsewhere as unverified against this source. [1]

Why the outcome is recorded as resolved

The outcome is marked resolved only in a narrow procedural sense: ASIC's own page states that the interim stop orders were lifted from 25 June 2024. That statement does not mean the underlying compliance questions raised in the announcement were judicially proven, disproven or otherwise settled, and lifting the orders does not erase the fact that the interim action was taken and publicly recorded. Readers should not infer from the word resolved that all matters arising from the May 2024 announcement were concluded. [1]

Scope limits

Three limits apply throughout. First, this report concerns Trademax Australia Limited and the Australian TMGM service only; it supports no inference about other TMGM group entities or jurisdictions. Second, all questionnaire and onboarding points are attributed to ASIC as stated concerns, not established facts. Third, the source set contains no information about penalties, admissions, client outcomes or reasons for the lifting of the orders, so none is offered here. [1] [2]

Reproducibility note

To verify this record, consult ASIC media release 24-109MR, 'ASIC issues DDO stop orders against Trademax Australia', on ASIC's website, including both editor's notes: the first recording the extension as of 13 June 2024 and the second recording that the orders were lifted from 25 June 2024. For the brand-to-entity link, consult TMGM's Australian regulatory supervision page, which identifies Trademax Australia Limited, ABN 76 162 331 311, AFSL 436416. Both sources were accessed on 24 August 2026; later changes to either page would not be reflected here. [1] [2]