Sources: Russian Association of Forex Dealers identifies illegal FX firms in “Moscow City” center

Maria Nikolova

A number of entities not having the necessary licenses to offer FX services in Russia have been operating in the “Moscow City” finance center.

The Russian Association of Forex Dealer, a self-regulatory organization for the FX industry in Russia, has detected a number of illegal Forex entities operating from the “Moscow City” finance center. The report was made by Russian information agency TASS. The entities are targeting Russian clientele, offering trading in FX, CFDs and cryptocurrencies. 

The list of unlicensed entities includes “International Finance Center” (Russian name – “Международный Финансовый Центр”), which does not have the necessary license from the Bank of Russia and uses rather aggressive methods to work with investors. This entity is a partner of Global FX, an entity that does not have Russian license either and seeks to transfer Russian customers to foreign jurisdictions.

The self-regulatory organization also says the list of unlicensed entities includes some well known Russian owned firms. These firms, inter alia, offer their clients to invest in high-risk PAMM accounts.

The report by TASS is published several months after the Central Bank of Russia annulled the Forex dealer licenses of five companies, including local majors like Alpari Forex LLC and Forex Club LLC, over repeated violations of the Russian securities law. Shortly after that the Association of Forex dealers terminated 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 withdrawing Russian clients to foreign jurisdictions. This explanation has been provided by Larisa Selyutina, Head of the Securities Market and Commodity Market Department.

Read this next

blockdag

Groundbreaking Innovations in BlockDAG’s Keynote 2 Drive Over 1120% Increase; Toncoin & Celestia Prices Rise

Explore BlockDAG’s Keynote 2, detailing the cutting-edge technical advancements that led to a significant presale boom. Discover how these innovations have driven BlockDAG’s success, and get the latest updates on Celestia and Toncoin prices.

blockdag

BlockDAG X1 Beta App Pioneers in Crypto Mining Amidst Ethereum vs Solana Rivalry and XRP Price Increase

Dive into the details of BlockDAG’s X1 beta app’s global tech presence in Shibuya, Las Vegas, and Piccadilly Circus and its pre-sale triumph during a spike in Ethereum, Solana, and XRP values.

blockdag

BlockDAG Hits $50.4M with Active Dev Release & Community Engagement; Binance Coin Price Drops and JasmyCoin Rallies

Explore how BlockDAG bolsters its reputation through a steady stream of Development releases. Get insights on Binance Coin price trends and the recent Jasmy Coin rally.

Crypto Insider

5 Upcoming Crypto for 10x Gains: How $1000 Can Become $10,000

Consider a situation where a $1000 investment may grow to a whopping $10,000. Astute Bitcoin investors have experienced this as a reality rather than a fantasy.

Retail FX

Weekly Roundup: eToro links up with Elon Musk, US crackdown on Russian FX

Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.

blockdag

Must-Watch Top 5 Crypto Picks for Q2 2024 Featuring BlockDAG, Toncoin, Solana and More

Dive into BlockDAG’s meteoric rise and explore other promising altcoins like Pepe, Toncoin, Solana, and Render for superior returns.

Retail FX

Clone of Admiral Markets draws FCA attention

The United Kingdom’s financial markets watchdog today unmasked another fraudulent entity, this time bringing to light a clone firm that has been posing as FCA-‎authorised brand, Admiral Markets UK Ltd.

Digital Assets

Gemini Earn users to recover $2.18 billion in crypto payouts

Cryptocurrency exchange Gemini has agreed to pay $50 million worth of digital assets to investors in its Gemini Earn program as part of a settlement with the New York Attorney General (NYAG), announced on Friday.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

<