June 1, 2021 | AtoZ Markets – Today, the Central Bank of Russia (CBR), the country’s top financial regulator, held a press conference on the work of the Bank of Russia in countering illegal activities in the financial market.
The event was attended by the First Deputy Governor of the Bank of Russia, Sergey Shvetsov, and the Director of the Department for Countering Unfair Practices, Valery Lyakh.
In his speech, the first deputy chairman of CBR said:
“The task of maintaining confidence in the financial market is one of the main tasks for the Central Bank of the Russian Federation. Trust is the soul of the market. The more trust in the market, the easier it is for mechanisms to redistribute savings into investments, the more efficiently the market itself works, and our citizens who participate in this market earn more money with less effort. But, always trust is associated with threats that come from unscrupulous participants.”
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“We analyzed several years of our experience in recent years in suppressing illegal activities (of professional participants) and came to the conclusion that the stage of identifying and collecting evidence is about 30% of the entire process to suppression, which is the longest stage due to various procedural reasons. Thus, we decided to inform our citizens about the (already) identified illegal participants before their activities are suppressed,” said Mr. Shvetsov.
Which Forex brokers were blacklisted?
Thus, in order to reduce the risks of involving citizens and organizations in illegal activities, the Bank of Russia discloses a list of companies with signs of a “financial pyramid”, an illegal creditor, an illegal professional participant in the securities market (including an illegal forex dealer).
“In order to provide most of the financial services in the Russian Federation, a market participant must have a license from the Bank of Russia or be included in the register of the regulator. If this condition is not met, then, most likely, the organization operates illegally, and consumers can be deceived. To suppress illegal financial activities, the Bank of Russia is taking measures to block the websites of such companies, and also interacts with law enforcement and other authorized bodies, foreign regulators to apply other measures,” the Bank of Russia said.
The methodology for compiling the list was not specified, but it included such trading giants licensed abroad as Interactive Brokers (USA) and Swissquote (Switzerland), all with the wording “Signs of an illegal professional participant in the securities market”.
A complete list of companies with identified signs of illegal activity in the financial market of the Russian Federation can be found here.
“If a company is on such a list, then of course there is no need to contact it,” warned Sergei Shvetsov.
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