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Forex dealers with canceled licenses expelled from SRO

The self-regulated organization Association of Forex Dealers will continue interaction with the companies for the purposes of providing them with legal and other support for correct completion of work

© Alexander Demianchuk/TASS

MOSCOW, December 28. /TASS/. Five forex dealers with licenses canceled by the Bank of Russia were expelled from the self-regulated organization Association of Forex Dealers (SRO AFD), the Association says on Friday.

"SRO AFD expelled companies with revoked licenses from December 28 in accordance with laws. Nevertheless, SRO AFD will continue interaction with these companies for the purposes of providing them with legal and other support for correct completion of work to the extent possible," the Association said.

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Russia’s Central Bank revokes licenses of largest forex platforms

Decisions of the Bank of Russia can be disputed in court, it noted. The Association is currently clarifying circumstances leading to the regulator’s decision.

"Clients of forex dealers will be able to close all opened positions and withdraw money from nominal accounts," the Association said.

It was reported earlier that the Russian Central Bank revoked licenses of five largest Russian forex dealers - Forex Club, Fix Trade, Trustforex, Alpari Forex and Teletrade Group. Licenses are revoked starting from January 27, 2019. At the same time, the Central Bank canceled qualification certificates of supervisors and general directors of these companies.

The regulator thus canceled licenses of five out of the nine Russian forex dealers. Alfa-forex, VTB-forex, PSB-forex and Finam-forex remain on the market.

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