Russia’s FAS to check FreshForex ads
The check is launched after a signal by Russia’s Association of Forex Dealers.
The Moscow office of the Russian Federal Antimonopoly Service (FAS) has commenced a check into the ads of online trading firm FreshForex. The check follows a signal by the Association of Forex Dealers, a Russian Forex industry self-regulatory body.
The concerns of the authorities were sparked by FreshForex ads distributed via Yandex.Direct. FAS reminds the public that the advertisement of services of entities that lack the necessary licenses is not allowed.
FAS has determined that FreshForex is being operated by Riston Capital Ltd, which is not licensed as a Forex dealer in Russia. The actions of Riston Capital Ltd have the characteristics of violations of the Law on Advertising.
The respondents in this case are Yandex Europe AG and a Lithuanian citizen.
Earlier this month, FAS issued a statement regarding an advertising message by InstaForex which stated “InstaForex- official website – broker licensed by the Central Bank”. The probe has identified that InstaForex is operating without a Forex dealer license from the Central Bank of Russia. Hence, the regulator determined that the law was breached by Yandex and by Instaforex’s representative who signed the advertising contract with Yandex. FAS issued instructions to both respondents to put an end to the violations and fix the breaches.