Central Bank of Russia annuls licenses of Forex Club, Alpari, Teletrade and other brokers


On December 27, the Central Bank of Russia revoked the licenses of the largest Forex dealers: Forex Club, Alpari Forex, Fix Trade, TrustForex, and Teletrade Group. This ‘New Year’s gift’ to the largest Forex brokers has become completely unexpected for both companies and their clients.

The regulator explained the adoption of such measures by numerous violations  of the Central Bank the requirements and noncompliance with the instructions, including violations of the requirements for internal accounting, providing false data, etc.

Central Bank of Russia annuls licenses of Forex Club, Alpari, Teletrade and other brokers

The licenses will cease to operate from January 27, 2019. By this date, companies must stop their activities and return all funds to their clients. The Central Bank also canceled the qualification certificates of Pavel Karyagin, Forex Club CEO, his deputy Yury Soloviev, Alpari Forex CEO Guzel Mirzeeva and her deputy Natalia Maximova, as well as the head of Teletrade, Sergey Shamrayev and his deputy Igor Danilevich.

The information turned out to be unexpected for the companies, and they are not yet ready to comment on this situation.

The activities of forex companies began to be regulated about three years ago. According to the law ‘On the Forex market,’ market participants were required to obtain the appropriate license from January 1, 2016 and join a self-regulatory organization. To work with Russian customers, dealers also had to introduce standards, the first of which was agreed by the regulator only a year later in May 2017. After the law entered into force, many market participants ceased their activities in Russia.

According to the Central Bank, nine brokers had licenses for operation as Forex dealers. After revocation, only four companies will keep their licenses, three of which are affiliated with major Russian banks: Alfa Forex, VTB Forex, PSB-Forex, and Finam forex.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Financial Market News

Economic Calendar: US PMI Data, Stock Market Decline, and Oil Surge Britain's Economy: Balancing Act Amidst Gloomy Metrics and Resilient FTSE 100 This Week’s Economic Calendar: US Employment Data, Eurozone Inflation Figures, Canadian GDP Numbers, and Best Buy and Salesforce Earnings Reports Economic Calendar: Jackson Hole Symposium, Nvidia Earnings Report, Canadian Retail Sales Data Economic Calendar: OPEC Report, US Inflation, UK GDP, and China’s Export and Import Data

Latest articles

Forex Analysis

Market Analysis: American Currency Rises Sharply after Fed Meeting

As expected, the decision on the interest rate had a powerful impact on the markets. Thus, the euro/US dollar pair lost more than 100 pp in just a couple of hours and updated its recent low at 1.0630,


Oil Analysis: Finally, A Bearish Reversal?

The policy of OPEC+ countries to voluntarily reduce oil production was one of the drivers thanks to which the price of WTI oil increased by approximately 40% from its low in June. In such cases, it is appropriate to use


Central Bank Week Shakes Up Gold Market

Yesterday, the main event of the week took place — the Federal Reserve meeting, which had a noticeable impact on the market of assets denominated in US dollars. But besides the Fed meeting, there are a number of other events this

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.