The Bank of Russia has canceled the Fx dealer license of PSB-Forex. The regulatory action was taken as PSB-Forex filed to regulators earlier this year to voluntarily revoke its license.
December 22, 2020 | AtoZ Markets – Now officially – PSB-Forex, a subsidiary of Promsvyazbank, is no longer an accredited Russian forex dealer after the Central Bank of the Russian Federation accepted the Company’s rejection and announced the cancellation of the corresponding license of a professional participant in the securities market.
Bank of Russia cancels PSB-Forex license
“The Bank of Russia, on December 22, 2020, decided to cancel the license of a professional participant in the securities market for carrying out the activities of a forex dealer dated April 7, 2017, under the number 045-14023-020000, issued to the PSB-Forex Limited Liability Company, based on an application on the refusal of the license,” says the today’s announcement of the Central Bank.
Meanwhile, on the site of the PSB-Forex company itself, at the moment, no relevant information about the cancellation of the license is posted, and the site itself is operating normally.
Recall that Promsvyazbank has officially announced the decision to terminate its forex dealer in August this year. At the same time, PSB-Forex LLC asked its small number of clients to send a written Notice of termination of the Framework Agreement by September 30, 2020.
The company also announced that they are preparing to submit an application to the Bank of Russia for the voluntary cancellation of the Bank of Russia license to operate a forex dealer.
Thus, 3.5 years were enough for the state system bank Promsvyazbank to give up, disappointed in the prospects of the Russian regulated OTC Forex market.
Having accumulated millions in losses and only an insignificant base of actively trading clients, Promsvyazbank terminates the activities of its subsidiary, PSB-Forex, proving the insolvency of the Russian market. Now the Russian Forex market has three licensed companies: Alfa-Forex, Finam Forex, and VTB Capital Forex.
Think we missed something? Let us know in the comment section below.