A rough English translation of the announcement reads:
“The Bank of Russia has decided to grant a license of a professional securities market participant for forex dealer activities Limited Liability Company Forex Club.”Since the beginning of 2016 - when Russia’s new laws for Forex dealers took effect, requiring all dealers in the country to be licensed - only 5 firms have been granted approval by the Bank of Russia.
Including ForexClub, the four other firms allowed to operate in Russia at this time are VTB 24 Forex, FINAM Forex, TeleTrade and TrustForex, according to LeapRate. Unlike other nations where a special regulatory body is tasked with overseeing FX markets - like the CySEC in Cyprus and the Securities Authority in Israel - the Russian central bank has decided to directly oversee the FX industry within the country.
And not every applicant has been given rite of passage by Russia’s central bank, which requires every applicant to have assets exceeding 100 million Russian rubles to qualify for licensing.
At the beginning of September, 24option and 24FX, Binary Options & FX dealer brands operated by Israeli company Rodeler Limited, were rejected by the Bank of Russia. Alpari, one of the most popular retail forex brokers in Russia, was also denied a license on June 2, 2016.
