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

Uncategorized

Moscow Exchange reports $350 billion in November FX volumes

FX trading volumes continued its upward momentum at Moscow Exchange (MOEX) during November, buoyed by a steady rise in volatility coupled with a multi-year effort to bring new business to the platform.

Retail FX

Interactive Brokers’ volumes continue growth trajectory in November

Interactive Brokers LLC (NASDAQ:IBKR) has announced higher trading volumes in November, dwarfing the metrics for October and the same period last year by 20 percent.

Retail FX

Exness trading volume hits record highs for second consecutive ‎month

FX broker Exness’ trading volumes have breached new highs in November, building on the record-breaking turnover streak from the beginning of the fourth quarter. That has been aided by the economic impact from the Covid-19 developments and inflation concerns that apparently sent investors hunting for FX instruments to limit their risk exposure.

Institutional FX

Hedge-fund legend Steven Cohen invests in Dmitri Galinov’s 24 Exchange

24 Exchange, the OTC platform backed by Fastmatch founder Dmitri Galinov, has completed a fresh fundraising round of $14.25 million at an undisclosed valuation. The recent capital injection was led by Point72 Ventures, the venture capital firm of the hedge fund titan Steven Cohen.

Digital Assets

Can Coinbase make or break XRP? – (Congress, XRP rating, JP Morgan)

According to Coinbase’s Council, XRP has the highest rating among 28 cryptos – meaning it is the closest you can get to a security: 4 out of 5.

Digital Assets

Polygon (MATIC) delves deeper into blockchain gaming by partnering with GameOn

Polygon, the Layer 2 scaling solution for Ethereum, has announced a partnership with GameOn Entertainment to build new and different types of NFT games on the network as it seeks to expand into the blockchain gaming and NFT space in a major way.

Retail FX

David Beckham to promote GemForex across Asia

GemForex makes efforts to lead in trading conditions, execution times, safety of client funds and data security, according to the FX and CFD broker holding a Mauritius Financial License.

Retail FX

InstaForex extends sponsorship deal with Borussia Dortmund after German Cup win

InstaForex provides access to trading of forex, CFDs, stocks, futures, options, and cryptocurrencies as the FX industry goes multi asset to address the needs of an increasingly demanding client base. 

Digital Assets

Treasury Secretary Yellen still cant decide on digital dollar

Treasury Secretary of the US, Janet Yellen, has said that she still is not sure whether the US should go ahead and have the digital dollar and follow the example of other major countries including China and India in introducing the same.

<