June 9, AtoZForex – It is generally known that the Russian Forex Law is strict and rigid, all for the aim to secure the safety of the investors in the market. At the moment, only a few Forex brokers possess over the authorization to trade in Russia. In order to obtain the Forex dealer license the broker needs to correspond to the established law “On the Securities Market” and the Bank of Russia requirements.
As a consequence, currently, only 3 Russian brokers are certified to solicit to Russian investors. One of regulated top Russian Forex broker’s names is TeleTrade. In regard to this Forex broker, yesterday TeleTrade offices raided by OMON, the special Russian police forces. In response to the raid, a representative of TeleTrade has shared some information related to the case.
Who is TeleTrade and what do they offer?
TeleTrade is one of other three top regulated Russian Retail Forex brokers. The firm has a wide net of offices across the country. It operates online and provides opportunities ‘to trade Forex, CFDs, Metals and Futures with services meeting the highest standards - MetaTrader 4 or the MetaTrader 5 platform’, as it is stated on their official website. Additionally, it appears that the brokerage firm is one of the co-founding companies of CRFIN.
Why Teletrade’s premises are being raided?
Yesterday, TeleTrade’s and other related offices across the Moscow were inspected by OMON. The reason of raid is still not known, according to TeleTrade representative, Dmitry Dragaylo:
‘Yesterday the offices of TeleTrade in Moscow have been visited after a signal from people who are not unknown to us. The police associates have checked our trading servers, and after putting together a report have left the premises.’
The official website of TeleTrade was offline starting from 12 PM yesterday, as reported by Dmitry Dragaylo:
‘Simultaneously we have been having some technical issues with parts of our services, our corporate CRM system and the website teletrade.ru. Currently the issues that clients were facing have been addressed with the CRM system and the client support systems up and running. The website will be restored to normal operation shortly.’
Currently, the TeleTrade website is operating normally again.
Other brokers were also inspected, Why?
As TeleTrade offices raided by OMON, the other Forex broker firm STForex’s office was checked also. As reported by Russian media, the representative of STForex Eugenyi Fillipov was working for TeleTrade two years ago. He commented on the raids in their office:
‘Yesterday, approximately at 3 PM STForex office, which is located in the business-center ‘Omega Plaza’, was raided by the forces of General Directorate of Economic Security and Anti- Corruption.’
Also, STForex representative mentioned that other TeleTrade related offices, such as Forex Optima, School Trading, FMC and ‘Феникс', were inspected. He believes, that the fact, that STForex appeared in the group of TeleTrade related firms is a consequence of a miscommunication mistake on the investigative authorities’ level.
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