Beware Trive Users: ASIC Just Removed the Broker's License

Australia's financial markets regulator has revoked the operating license of Trive's local subsidiary, marking the end of a 14-year run for the contracts for differences broker in one of the world's most closely watched retail trading jurisdictions.

The Australian Securities and Investments Commission confirmed that the cancellation of Trive's Australian Financial Services license took effect on 1 July 2026. The grounds cited were straightforward: the firm had ceased carrying on a financial services business. Under Australian law, regulators hold the authority to suspend or withdraw an AFS license from any entity that is no longer actively providing the services for which the authorization was granted.

Trive, which entered the Australian market under the name ILQ Australia before rebranding as Fairmarkets and later adopting its current identity following a merger with GKFX, obtained its license in July 2012. The Australian arm quietly wound down new client onboarding in April 2025, a decision that effectively marked the beginning of the end for its local operations.

The closure did not come in isolation. Trive was among 52 CFD brokers that ASIC placed under a formal assessment program spanning October 2024 to December 2025. Regulators identified serious deficiencies in some of the broker's processes during that review, though the regulator has not publicly detailed the exact nature of those deficiencies or whether Trive was required to issue refunds to affected traders.

That wider assessment carried significant consequences across the industry. ASIC reported that more than 38,000 retail CFD traders across Australia collectively received approximately AU$40 million in refunds following the regulator's sector-wide intervention. The commission found that more than half of all CFD brokers operating in the country had been either offering unauthorized margin discounts to retail clients or breaching other regulatory obligations.

The data underpinning the crackdown is sobering. ASIC disclosed that 68 per cent of retail CFD investors in Australia recorded losses in 2024, with total losses exceeding AU$458 million. Of that figure, AU$73 million was attributed to fees alone.

Australia is not the only jurisdiction where Trive has been scaling back. The broker also exited the United Kingdom, surrendering its Financial Conduct Authority license after determining that the market no longer aligned with its business model. Reports indicated that even a net profit of more than one million pounds was insufficient to justify continued operations under the FCA's regulatory framework. Trive has, however, been expanding in other markets, most notably South Africa, where it has been actively onboarding new CFD clients.

For Malaysian retail traders and investors who have engaged with offshore CFD brokers, the Trive case offers a pointed reminder of the risks that accompany trading platforms operating in markets with divergent regulatory standards. The Securities Commission Malaysia and Bank Negara Malaysia have consistently cautioned the public against dealing with entities that do not hold valid local licenses. As regulators in Australia, the United Kingdom and the European Union tighten oversight of CFD issuers, Malaysian traders should verify the regulatory status of any platform they use, particularly those that operate primarily out of offshore jurisdictions with lighter-touch frameworks.