KROUFR blacklists TouchTrades of North Cyprus


The newest addition appears in the Russia’s Commission Regulation of Financial Markets Relations warning list, as KROUFR blacklists TouchTrades after a number of complaints received from customers of the broker. Did you check your broker?

August 25, AtoZForex - Russia’s Commission Regulation of Financial Markets Relations (KROUFR), the Russian self-regulatory organization, has again warned the public against dealing with a firm, discovered to be doubtful in its affairs. The addition to Russian watchdog’s blacklist comes with the name of another Forex broker, TouchTrades.

KROUFR blacklists TouchTrades of North Cyprus

The Russian regulator’s decision to red flag the TouchTrades follows a number of complaints received from customers of the broker. Mainly, the complaints were related to dishonest actions by the TouchTrades’ employees. Moreover, the broker support was blacklisted for disregarding a number of issues related to withdrawal of customer’s funds.

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TouchTrades operates online through www.touchtrades.com and provides a range of online brokerage and investing solutions. Additionally, the firm claims to be registered and regulated, as a copy of its license can be found on the website. However, the public should take into consideration the location of the broker, which recorded as Northern Cyprus (TRNC). Due to the Cyprus disagreement, the country currently is recognized only by Turkey. Therefore, the legality of this license is very dubious.

The Republic of Cyprus, a current EU member state, is the only legitimate government for the whole island, hence, any brokers aiming to provide financial services across the country, required to possess a license from Cyprus Securities and Exchange Commission (CySEC).

KROUFR’s previous activity

Earlier this year, in April, Russia’s KROUFR has red flagged the Interactive Option for unsatisfactory operations by employees of Interactive brokers. In its operations, the firm demands customers’ bank data to process payments and fund transfer into the trading account of such clients. It worries KROUFR that when such transactions are done, some additional security features do not always work, while a confirmation of the transaction is not sent. This mode of operation is however not transparent enough, therefore, unsatisfactory to the regulators.

Russia’s Commission Regulation of Financial Markets Relations is a non-profit organization that aims for unmasking the fraudulent activities across financial markets and warning the investors about the actions of companies, performing these activities.

TouchTrades comes as the latest addition to KROUFR’s blacklist of firms that have been illegally soliciting to investors. Furthermore, the Russian watchdog advised investors to double-check the brokers with industry-accepted regulations and license.

AtoZForeX team as reached out both to the KROUFR and the TouchTrades for additional insights on the case and currently is waiting for the response. We will update you as soon as we get the official information.

See also: FCA warning against unregulated Trade-24

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