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.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<