Trade360, which signed up Australian cricketer Steve Smith as a brand ambassador, has given up its financial licence and two former executives have copped eight-year bans after an investigation found it sold risky assets to clients with little investing know-how.

Sirius Financial, which operates the Trade360 brand, is alleged to have hired offshore call centre Toyga Media to find clients to trade in contracts-for-difference (CFDs) and margin foreign exchange contracts for Sirius Financial, an investigation by the Australian Securities and Investment Commission found.