The Russian Central Bank destroys the Russian broker industry | Forex Factory

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The Russian Central Bank destroys the Russian broker industry

  • #1
  • First Post: Dec 31, 2018 9:13am Dec 31, 2018 9:13am
The Russian Central Bank announced that it is revoking the licenses of most of the licensed Forex brokers operating on Russian soil (https://www.forexbrokerz.com/news/CRB-suspends-forex-dealer-licenses-of-Alpari-TeleTrade-TrustForex-and-Forex-Club) - Alpari, TeleTrade, TrustForex, and Forex Club – due to violations of Russian law.

The Russian financial mega-regulator has backed its decision with detailed information on each company’s incompliances. The most common among them are failure to comply with CRB’s instructions, providing false accounting data or false information on its website, detected flaws in the risk management system and other violations of the Forex dealer license requirements.

Alpari, TeleTrade, TrustForex, and Forex Club are now given a one-month term to cease all operations and return deposits to their clients.
  • #2
  • Jan 2, 2019 5:35am Jan 2, 2019 5:35am
Quoting mlawson71
The Russian Central Bank announced that it is revoking the licenses of most of the licensed Forex brokers operating on Russian soil (https://www.forexbrokerz.com/news/CRB-suspends-forex-dealer-licenses-of-Alpari-TeleTrade-TrustForex-and-Forex-Club) - Alpari, TeleTrade, TrustForex, and Forex Club – due to violations of Russian law. The Russian financial mega-regulator has backed its decision with detailed information on each company’s incompliances. The most common among them are failure to comply with CRB’s...
Not a problem for them - will operate form offshore at much lower costs. Pushing brokers to the shadow is not a solution, especially for forex services.
  • #3
  • Jan 2, 2019 7:54am Jan 2, 2019 7:54am
I agree. Russia is full of brokers that operate on its soil without any license, and as a result there is a lot of scamming going on.
  • #4
  • Jan 6, 2019 3:53am Jan 6, 2019 3:53am
Do you ever just wonder,WHEN WILL MAJORITY OF THIS BROKERS STOP SCAMMING PEOPLE!!!???
Thumbs up to the Russian central bank.

Our industry is clouded with scam traders-taking peoples money,scam brokers taking peoples money,exploiting loopholes in countries financial laws/systems.

WHEN DOES IT STOP!
  • #5
  • Jan 8, 2019 6:09am Jan 8, 2019 6:09am
ESMA is a good solution. Europeans are now protected trading with low leverage which is protection itself. I think this is much better solution than pushing them out of the legal field. Show that FX trading can't be fast-rich scheme lowering leverage and people after several trades will make decision on their own to stop trading.
  • #6
  • Jan 21, 2019 9:35am Jan 21, 2019 9:35am
Alpari, which lost its Russian license last month, announced that it will not be able to process payments with VISA cards in US dollars and Euro (https://theforexreview.com/2019/01/18/alpari-will-not-process-visa-payments-until-march/) until March due to "technical issues."
  • #7
  • Jan 21, 2019 8:13pm Jan 21, 2019 8:13pm
Quoting mlawson71
The Russian Central Bank announced that it is revoking the licenses of most of the licensed Forex brokers operating on Russian soil (https://www.forexbrokerz.com/news/CRB-suspends-forex-dealer-licenses-of-Alpari-TeleTrade-TrustForex-and-Forex-Club) - Alpari, TeleTrade, TrustForex, and Forex Club – due to violations of Russian law. The Russian financial mega-regulator has backed its decision with detailed information on each company’s incompliances. The most common among them are failure to comply with CRB’s instructions, providing false...
- That's the best thing ever happened to those brokers, they are going to havens"offshore".
  • #8
  • Last Post: Feb 5, 2019 5:19pm Feb 5, 2019 5:19pm
Close them all if they are scamming people. I wish all countries do the same.
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