de | cn | ru

Market News

Bank of Russia suspends forex dealer licenses of Alpari, TeleTrade, TrustForex, and Forex Club

Dec 27 2018
By
Jonathan Smith

 

The Central Bank of Russia (CRB) announced it suspends the forex dealer licenses of Alpari, TeleTrade, TrustForex, and Forex Club due to violations of the Russian law. The move comes a couple of days after the CRB granted a forex broker license to Alfa-Forex, which now remains one of the few forex broker operating legally on the Russian forex market.

 

The Russian financial mega-regulator has backed its decision with detailed information on each company’s incompliances. The most common among them are failure to comply with CRB’s instructions, providing false accounting data or false information on its website, detected flaws in the risk management system and other violations of the Forex dealer license requirements.

 

Alpari, TeleTrade, TrustForex, and Forex Club are now given a one-month term to cease all operations and return deposits to their clients.

 

Despite the formal prohibition for unlicensed brokers to operate in Russia, many companies registered offshore attract Russian clients. Yet, instead of closing regulatory loopholes, the CRB chose to revoke the licenses of the country’s largest forex brokers and impede fair competition on the regulated Russian forex market.

 

TAGS: CRB  Alpari  TeleTrade  TrustForex  Forex Club  Russia  license suspended 
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

More Forex Market News

EU finance ministers agreed to block Libra

Dec 05 2019 13:46:59

EU finance ministers have agreed that  private digital currencies like Libra – the crypto coin Facebook plans to launch in 2020, should not be allowed in the European Union until all possible risks are identified and properly addressed, Reuters reports. Read more

CFTC looks for a binary options scammer who defrauded investors with $3,8 mln

Dec 03 2019 17:20:38

The United States Commodity Futures Trading Commission (CFTC) apparently can not locate Peter Szatmari, who defrauded nearly 4 million USD from binary options investors. Read more

Bulgarian court allows the extradition of Gal Barak to Austria

Dec 02 2019 17:51:14

After a successful operation of the police in Austria, Germany, the Czech Republic and Bulgaria has lead in February to the arrests of several financial executives, among which the Izraeli citizen Gal Barak, who is charged of orchestrating an online trading scam, that allegedly has defrauded Europea... Read more

Italy’s CONSOB blacklists EvolutionBrokers and KapitalSwiss

Dec 02 2019 15:30:33

   Italy's financial regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) has blacklisted a bunch of unregulated brokers today, including EvolutionBrokers, and KapitalSwiss. CONSOB also ordered internet providers to block access to their websites. Read more

91 arrested in Indonesia over an online investment scam

Nov 29 2019 10:32:00

The Indonesian police has arrested 85 Chinese nationals and 6 Indonesians over an online scam that defrauded victims of over 36 billion Indonesian rupiah (2,56 million USD). Read more

Second person arrested in connection to OneCoin money laundering

Nov 28 2019 17:36:36

David R. Pike, a chief operating officer of Fenero Funds was arrested by the U.S. authorities in connection to laundering some 400 million USD, stolen through the notorious OneCoin Ponzi scheme.   Pike appears to have worked with the convicted OneCoin layer Mark S. Read more

UpBit hacked for $50 mln

Nov 27 2019 17:05:16

After a hacker attack South Korean crypto exchange UpBit has lost some 342 000 Ethereum (ETH) coins, equal to well over 49 million USD. The exchange has assured its clients that the loses will be covered by its own assets, but for the time being all withdraws have bees suspended. Read more

Charles Schwab buys TD Ameritrade for $26 bln

Nov 26 2019 18:01:43

Expected to be finalized in late 2020, the merger between two of the leading U.S. brokerage houses will create a mammoth company that will be in the position to challenge major financial rivals. Read more

UK’s FCA alerts investors of unregulated brokers STI Global and PlatinumCFD

Nov 25 2019 15:49:04

The UK’s Financial Conduct Authority (FCA) added STI Global and PlatinumCFD to its black list of unregulated brokers previous week. According to the regulator, these entities have been providing financial services or products in the UK without proper authorization. Read more

OneCoin lawyer found guilty for laundering $400 mln

Nov 22 2019 17:27:50

Mark Scott, an American lawyer, has been found guilty for his role in the notorious OneCoin crypto scam, which attracted  over 5,15 billion USD from investors all over the world. Read more

de | cn | ru