Bank of Russia issues FX licenses to TeleTrade, TrustForex, denies authorization to Profit Broker

Russia’s Megaregulator has issued two more Forex dealer licenses – to TeleTrade and TrustForex, following the issuance of such a license to FINAM in December last year. At the same time, the Bank of Russia denied authorization to Profit Broker.

The regulator did not provide any details regarding the grounds for its decision.

Under the terms of the Russian Forex law, which was signed by Vladimir Putin in the end of 2014, all Forex companies willing to offer their services in Russia should obtain Forex dealer licenses. For an FX license to be effective, a company should also be a member of a Forex self-regulatory organization.

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