Russia’s CCI recommends amendments to proposals affecting foreign FX websites

Maria Nikolova

The Chamber of Commerce and Industry recommends that the Bank of Russia takes into account websites misleading not only the clients of a given business but also of all individuals and entities that interact with a business providing misleading information.

A follow-up to FinanceFeeds’ earlier article about the Russian authorities having published a bill that may result in the blocking of the access to many foreign FX brokers’ websites in Russia…

Let’s recall that the document, drafted by the Ministry of Сommunications and Mass Media, outlines amendments to the Law “On Information, Information Technologies and Information Protection”.

The amendment of interest to us is the one concerning the reasons for including domain names and website addresses in the special registry of online resources that contain information whose dissemination is prohibited in the Russian Federation. When a domain name and/or a website address are included in the registry, the access to them is blocked by the Russian authorities.

The bill proposes that the Bank of Russia will be allowed to decide whether to include a website in the registry, in case the regulator finds that the information provided from a given website is related to the provision of financial services in Russia by an entity that has no permission to do so.

The consultation period on the bill has closed and there has been some feedback on the proposed changes.

The Chamber of Commerce and Industry (CCI) of the Russian Federation has submitted comments, recommending some amendments to the bill.

The first remark that CCI makes is that the bill should permit appealing of the decisions of the Bank of Russia in court and should determine the responsibility of the regulator in case it errs when it comes to including a business’ website name in the registry.

The second remark concerns the targets of the misleading information – CCI recommends that the Bank of Russia takes into account websites that mislead not only the clients of a given business but also all individuals and entities that are related to a business providing misleading information. This way, if a company is misleading its counteragents and/or visitors of its website, the Bank of Russia will have the powers to block its website.

The authors of the bill have partially accepted the recommendations and have accepted the second remark. The response to the first remark is that the laws of the Russian Federation already envisage the option for appealing of the decisions of the regulator responsible for the inclusion of names in the registry in question.

FinanceFeeds has been keeping an eye on this legislative proposals, as they are set to affect foreign Forex brokers that target Russian clientele without having Forex dealer licenses issued by the Bank of Russia. Thus far, only eight companies have obtained such licenses.

Read this next

Retail FX

Fullerton Markets Caps Off Stellar Year with Dual Triumph at Gazet International Awards 2023

Fullerton Markets, one of the fastest-growing brokerages in the Asia Pacific, has today announced its remarkable success at the prestigious Gazet International Awards 2023, where it secured two coveted accolades, reinforcing its position as a global leader in multi-asset brokerage and marketing a triumphant end to the year.

Inside View

Are brokers really ready for EMIR Refit and ESMA changes in 2024?

The EMIR Refit and ESMA reporting requirements necessitate a strategic approach from brokers, involving major updates to reporting systems, data collection processes, and internal resources. We spoke with brokers and RegTech providers to learn more about the upcoming regulatory challenges.

Digital Assets

Binance to phase out BUSD support in two weeks

Binance has announced its plans to gradually phase out support for its native stablecoin, BUSD (Binance USD) by December 15, 2023. This move comes after Paxos, the issuer of BUSD, decided to stop minting new tokens.


Binance Labs invests $3.15M in Open Campus to advance Web3 education

Binance Labs, the venture capital arm of the cryptocurrency giant Binance, has invested $3.15 million in Web3 education platform Open Campus.

Institutional FX

Brighty App unveils EU B2B payment platform amidst exploding market

Brighty App is set to launch its European B2B platform, Brighty Business, this month. This platform is geared towards improving how businesses handle their financial operations, especially in the digital banking and cryptocurrency domains.

Digital Assets

Celsius’ withdrawal process slowed by overwhelming demand

Bankrupt crypto lender Celsius is taking steps to allow certain customers to withdraw their funds. However, some users have reported difficulties in logging in to process their withdrawals, as indicated by posts on various social media platforms.

Digital Assets

Cristiano Ronaldo hit with $1 billion lawsuit over Binance NFTs

Cristiano Ronaldo, the renowned footballer, is facing a class-action lawsuit in the United States over his promotion of Binance, the world’s largest cryptocurrency exchange.

Digital Assets

Zipmex creditors offered 3.35 cents on the dollar payout

Zipmex, a Thai crypto exchange grappling with financial difficulties, has proposed a restructuring plan to repay its creditors.

Digital Assets

FSB warns of risks posed by multifunction crypto-asset intermediaries

The report on Multifunction Crypto-Asset Intermediaries (MCIs) provides an in-depth analysis of these entities which combine various crypto-asset services and products, typically centering around a trading platform. These services can include proprietary trading, investment functions, issuance, promotion, and distribution of crypto-assets, including stablecoins.