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More trouble for iSignthis as regulatory crackdown hits its customersBy Colin KrugerSeptember 19, 2019 — 12.34pm
A regulatory crackdown on high-risk financial products has hit customers of Australia's latest billion-dollar tech stock, iSignthis.
The Australian Securities and Investments Commission (ASIC) is going to court to get liquidators appointed to so-called contracts for difference (CFDs) and foreign exchange traders OT Capital and Trader Q on October 1. iSignthis provides automated customer verification services to brokers selling these high-risk products and wagering platforms.
The regulator's crackdown adds to investor concerns which sent iSignthis' stock down 34 per cent on Thursday morning after the
Australian Financial Review reported a legal dispute between an early investor and parties including company founder John Karantzis over performance rights granted to executives. Mr Karantzis has dismissed the claim.
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