FxPresent added to CRFIN blacklist

Russia’s self-regulatory organization for FX firms CRFIN has been expanding its list of firms with which the investing public should exercise caution, this time adding FxPresent to its blacklist.

The company, which operates from Russian website https://www.fxpresent.com/ru/ has become the latest bete noir for Russia’s authorities, as the nation continues to work toward a full and comprehensive regulatory structure for its FX industry.

In congruence with a series of other companies which have caught the attention of regulators internationally recently, this particular company, according to CRFIN, offers services which resemble those of a high-yield investment plan (HYIP) insofar as that it promises to customers implausible and guaranteed returns, provides partners with significant bonuses to attract customers which do not have sufficient transparency, as well as displaying signs of falsehood.

Additionally, CRFIN concedes that there are no objective guarantees of return of the deposit and interest, except the statements which the company itself has made on its website.

CRFIN’s warning explicitly denotes that FxPresent is not a member of CRFIN, and that the organization does not issue permits for the use of logos and symbols related to CRFIN and its activities by entities which are not members.

As of November 17, 2014 the CRFIN blacklist included 35 companies, of which 22 members of the list have already ceased to exist. Therefore CRFIN warns citizens that the investment in this particular scheme may be associated with an increased risk of loss of customer investment.

For the full announcement from CRFIN, click here.

Read Also: