Russia’s CRFIN blacklists Protraders Ltd

The Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN), Russia’s Forex self-regulatory body, earlier today updated its “Black List” of companies that have the business characteristics of financial pyramids.

The latest addition to the “Black List” is Protraders Ltd, a company which operates via, offering its customers a raft of services, ranging from CFD and Forex trading to various investment plans with unrealistically high returns.

protradersLet’s summarize the reasons for the blacklisting of the company:

  • The company promises suspiciously high returns of up to 24% per month.
  • There are no guarantees that the returns will be paid from any other funds than then investments of the new clients.
  • CRFIN has found claims on the Protraders’ website that it is licensed by the Financial Conduct Authority in the UK and by the Commodity Futures Trading Commission in the US. The organization notes that these claims are unfounded.

After the addition of Protraders to the “Black List”, it features 48 names. To view the full “Black List”, click here.

To view the official announcement by CRFIN, click here.

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