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The Central Bank Announced the Revocation of Licenses of Five Forex Dealers

 

The Central Bank of the Russian Federation announced the cancellation of licenses of five forex market companies at once: Alpari Forex, Teletrade, Forex Club, Fix Trade and Trastforex. The qualification certificates of the leaders of these organizations were withdrawn as well, as it is reported on the regulator’s website.

In total, there are nine companies with licenses of forex dealers in Russia, according to the list on the Central Bank’s website. After that, the licenses remained in Alfa, VTB, PSB and Finam.

All canceled licenses will be no longer in force from January 21, 2019. Until that date, companies should return customers their properties and settle all their obligations.

Repeated violations of these companies within one year were a reason for the cancellation of their licenses. Among them, there are non-performance and improper performance of the regulator’s instruction, violation of the procedure for maintaining internal accounting, violation of the requirements for the collateral value-to-loan relationship provided by individuals to the company, submission of inaccurate reporting and violations in the organization of the risk management system.

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InvestorGreg Editorial Team

The InvestorGreg Editorial Team is a group of financial writers and analysts who cover the worlds of finance and investment. Read more