Regulatory Alerts2025-10-03
ASIC cancels Australian financial services licence of Velos Global Markets Pty Ltd
The Australian Securities and Investments Commission cancelled the Australian financial services licence of Velos Global Markets Pty Ltd effective 23 September 2025 under section 915B(3) of the Corporations Act 2001. The regulator determined that Velos had ceased engaging in financial services business since approximately May 2024. Velos subsequently filed applications for review and stay with the Administrative Review Tribunal, but the tribunal dismissed both the stay application and the review application due to the company's failure to comply with procedural directions.
ASIC cancelled the Australian financial services licence ( AFS licence ) of Velos Global Markets Pty Ltd (ACN 604 251 416) ( Velos ).
The AFS licence cancellation took effect on 23 September 2025.
ASIC cancelled the AFS licence under section 915B(3) of the Corporations Act 2001 (Cth) after ASIC became aware that Velos had ceased to engage in financial services.
Velos has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Background
Velos held AFS licence number 500701 since 13 November 2017.
ASIC found that Velos has not carried on a financial services business since in around May 2024.
Editor's note 1:
On 21 October 2025, Velos filed two applications with the Administrative Review Tribunal ( ART ):
a stay ( Stay Application ) of ASIC’s decision to cancel the AFS licence held by Velos pursuant to s915B(3)(a) of the Corporations Act 2001 (Cth) ( ASIC Decision ); and
seeking review ( Review Application ) of ASIC’s Decision.
Editor's note 2:
On 11 December 2025, the ART dismissed Velos’ Stay Application. Editor's note 3: On 16 December 2025, the ART directed Velos to lodge documents by 6 February 2026, with the ART ( ART’s Directions ) in connection with the Review Application such as:
any witness statements and other evidence on which Velos intends to rely on; and
a statements of facts, issues and contentions.
Editor's note 4: On 11 March 2026, the ART dismissed Velos’ Review Application pursuant to s100 of the Administrative Review Tribunal Act 2024 (Cth) because Velos failed to comply with the ART’s Directions.