Registered in Vanuatu, marketed via YouTube influencers, and stripped of ASIC authorisation in 2024 — a detailed investigation into GlobalPrime FX and its impact on Australian retirees.
Corporate Structure
GlobalPrime FX was incorporated in Vanuatu in 2021 under the name Global Prime Financial Services Ltd. It claimed ASIC authorisation but had its licence revoked in March 2024 following a regulatory investigation. Despite this, the platform continued operating and accepting deposits for a further eight months.
The Marketing Operation
The firm paid a network of Australian YouTube and Instagram influencers to promote its services. Several influencers received undisclosed payments of between $5,000 and $25,000 per promotional post. None disclosed these payments to their audiences as required by ASIC guidelines.
Victim Profile
The majority of victims identified by InvestorWatchdog were Australian retirees aged 55–75, targeted through Facebook groups focused on retirement planning and superannuation. Total reported losses exceed AUD $8 million across 47 identified victims.
Regulatory Action
ASIC has issued a public warning against GlobalPrime FX. The firm’s Vanuatu registration has been suspended. Criminal referrals have been made to the Australian Federal Police.