Licensed by ASIC? PGM's Regulatory Mask Cracks as Investors Report Over 200 Days of Frozen Funds

On December 30, 2024, “abnormal trades” on the Primetime Global Markets (PGM) platform caused huge losses for many investors. When investors tried to withdraw their funds, they found their accounts had been frozen. To this day, their accounts remain locked, and their money—including both principal and profits—has been withheld for over half a year. The platform went from making vague excuses to completely ignoring clients, showing no intention of solving the issue.

“I’ve already emailed them saying I won’t pursue the losses, just return the remaining funds. But PGM still refuses to respond directly and keeps making excuses,” one investor said. What’s even more frustrating is that after filing complaints with Australian authorities, he was told his PGM account wasn’t protected.

No evidence of “violations”! Accounts frozen for over 200 days

According to the investor, his troubles began when a PGM account manager repeatedly assured him—both online and in person—that his funds were safe, trades were reliable, and the platform was regulated by the Australian Securities and Investments Commission (ASIC). Believing these claims, he registered and deposited funds. But on December 30, 2024, he experienced a nightmare: the smart EA copy-trading system suddenly opened and closed positions at more than 200 times the original lots, causing massive losses instantly.

When he tried to withdraw the remaining principal, he discovered his account had already been frozen. PGM claimed it was due to “violations.” Even worse, when the investor repeatedly asked for proof of these so-called violations, PGM failed to provide any solid evidence and kept dodging the issue.

No recourse! AFCA’s Reply Reveals “Regulatory Arbitrage”

The Chinese investor went through many difficulties to submit multiple complaints to Australian regulatory agencies. Recently, he finally received a reply from the Australian Financial Complaints Authority (AFCA), only to be told that he does not hold a trading account with Primetime Global Markets. The company also stated it does not provide services to retail clients and has not yet conducted business activities.

PGM explained that the investor’s trading account was actually provided by another company with a similar name: Primetime Global Markets Ltd (website: www.linkpgm.com), which is registered in Saint Lucia. Since Primetime Global Markets Ltd is neither a member of AFCA nor regulated under any major international watchdogs, the investor’s complaint ended up in a deadlock.

This is part of PGM’s elaborated “regulatory arbitrage” strategy—using a confusing name to make investors believe they’re trading with a company regulated by ASIC. PGM heavily promotes its Australian ASIC license (AFSL 470050), which does exist. However, the license details reveal a key restriction: it only allows serving institutional clients and cannot be used to serve retail investors. In addition, Australian courts have ruled that ASIC-regulated brokers are not allowed to serve clients in China.

In recent years, complaints against PGM have increased, mainly focusing on withdrawal issues, account problems, and poor customer service. Profitable clients are often accused of “violations” without explanation, and in some cases, even their principal cannot be withdrawn. 

At a Finance Expo held in Hong Kong in March 2025, PGM’s booth was protested by investors holding bilingual banners. The banners read “PGM WILL NOT RETURN THE PRINCIPAL. GIVE ME BACK MY HARD-EARNED MONEY,” turning the incident into a scandal in the industry.

BrokersView Reminds You

Forex trading is high-risk, and choosing a regulated platform is key to risk management. Many investors mistakenly believe that having a license means a platform is safe, but they overlook whether it’s truly transparent and whether their funds are protected. Some platforms use the appearance of regulation to attract investors, but in reality, accounts are not held under regulated entities. They lure investors with promises of high returns, only to block withdrawals in the end.

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