Russian Court approves blocking of unlicensed Forex dealer website

Sourced from:

There are only four accredited Forex dealers from the Russian Federation. In December 2018, the Russian central bank announced it was annulling that the Forex dealer enables of five firms, including neighborhood majors such as Alpari Forex and Forex Club LLC. The permits were taken away because of repeated violations of the Russian securities legislation by the Forex companies.

FinanceFeeds –

In light of those findings, the prosecutors office filed a complaint with the Court in Kazan requesting the Court determines the information disseminated through the Forex company ’s website as unlawful. The movement by the prosecution has been fully granted by the Court but the ruling has yet to come in to effect.

Russian information agency TASS has reported that the actions of the five firms that were slammed by the Central Bank of Russia were concentrated on competitive advertising and withdrawing Russian clients to overseas jurisdictions. This explanation has been provided by Larisa Selyutina, Head of the Securities Market and Commodity Market Department.
The article Russian Court Requires blocking of unlicensed Forex dealer website appeared initially on FinanceFeeds.

The investor, who employed the help of a Forex firm registered in Bulgaria, spent over RUB 4 million in forex trading. The business was not authorized as a Forex trader in Russia though it was offering Forex solutions to Russian clientele. The plaintiff dropped all of his investments with the broker allegedly because of spikes in the securities market.

Mr Chistyukhin said that the Russian legislation distinguish between an authorized entity and also a certified professional participant in the financial market. When the license of a participant is annulled this doesn’t indicate that the legal thing must stop its activities. This thing is not permitted to conduct certain operations but no one can order it to close its website. In addition, this thing may still appear in the search results provided by search engines.

A company whose Forex trader license is removed may keep its operations as a valid entity in Russia, since this is allowed by regulations.

“All companies whose licenses are revoked are’subsidiaries’ of big foreign forex traders with recognizable brands, working mainly in foreign currency markets. The decision to reverse is connected with the operator’s deep concern for huge dangers for Russian citizens by the firms’ activities,” Selyutina was quoted as stating.