Alpari Forex to cease trading on January 18, 2019, due to Russian license annulment

Maria Nikolova

Clients of the broker are advised to close their positions and delete all pending orders.

About a fortnight after the Central Bank of Russia said it would revoke the license of Alpari Forex, the company has published an announcement on its website informing its clients of future actions.

The company says that, effective January 18, 2019 (23:30 EET), trading in all types of accounts will be terminated. The clients are advised to close all their positions and delete all outstanding orders.

In its official announcement in late December, the Central Bank explained that the licenses of five companies – Forex Club, Alpari Forex, Trustforex, Fix Trade, and TeleTrade Group, are taken away due to violations of the Russian law by the brokers. The companies have until January 27, 2019, to return all funds to their clients.

Alpari Forex is said to have failed to follow the instructions of the Central Bank of Russia. The company committed violations in the way it handled its internal accounting. The company also provided false accounting data and committed violations when handling risks.

A day after the announcement by the Central Bank of Russia, the Association of Forex dealers, the Russian Forex self-regulatory organization (SRO), announced that it was terminating the membership of five companies: Alpari Forex, Forex Club, TeleTrade, Fix Trade and TrustForex.

Russian information agency TASS has reported that the activities of the five companies that were slammed by the Central Bank of Russia were focused on aggressive advertising and transferring Russian clients to foreign jurisdictions. This explanation has been provided by Larisa Selyutina, Head of the Securities Market and Commodity Market Department.

“All companies whose licenses have been revoked are ‘subsidiaries’ of large foreign forex dealers with recognizable brands, operating mainly in foreign forex markets. The decision to revoke is connected with the regulator’s deep concern for enormous risks for Russian citizens from the companies’ activities,” Selyutina was quoted as saying.

Read this next

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

<