Forex Club stops registering Russian clients following central bank orders

Maria Nikolova

The company, which was one of the entities to have its license annulled by the central bank, stops registering Russian clients.

The Russian subsidiary of the Forex Club group of companies has posted a brief notice on its website, informing the public that it is no longer accepting Russian clients.

The notice says “In line with an order by the Central Bank of Russia, Forex Club is no longer registering Russian clients”.

In a separate announcement made in December, the retail Forex broker reiterates that it will inform its clients in due course about closing their positions and return of funds.

Forex Club LLC (its Russian name being “ООО Форекс Клуб”) is stopping its professional activities in the securities market, except for procedures related to meeting its obligations towards its clients, including return of funds until January 27, 2019.

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.

Regarding Forex Club, the regulator said that the broker had violated the Russian securities law numerous times. The violations include (inter alia): noncompliance with the instructions issued by the Central Bank; violations of the requirements for internal accounting; providing false data to the Central Bank.

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.

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