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Screenshot of a breaking news alert e-mail from Q2 2017
Russia’s online trading world has been host to a series of embattled companies recently, punctuated by the extraordinary measures adopted by Forex-MMCIS, as well as the bankruptcy of algo expert Blackfield Capital accompanied by an alarming and somewhat flippant notice to customers. Today brought another unpleasant surprise to Russian online traders, as Forex broker ForexInn halted its operations.
In the case of ForexInn, the circumstances surrounding its demise have proven to be somewhat inconclusive, as the website of the company (forexinn.ru) is unresponsive, leaving clients in the dark about the fate of their deposits. LeapRate managed to open an archived version of the webpage, which showed a brief announcement:
“Dear clients of ForexInn!
We regret to inform you that the company is halting its operations in the Russian Federation and the countries of CIS. Requests for withdrawals can be sent to [email protected] They should contain the number of your account and the size of the sum to be withdrawn.”
Russia’s Forex industry organization KROUFR earlier today published a special press release regarding the demise of ForexInn, saying that the company is originally headquartered in Hong Kong and that it is not stopping its operations altogether.
KROUFR adds, however, that the company is not its member, nor it is a member of CRFIN, a self-regulatory organization for the Forex industry in Russia. The message also states that KROUFR has received complaints about ForexInn several times, particularly about withdrawal issues.
The number of unregistered forex companies in Russia has been on the rise lately, with the blacklist composed by CRFIN quickly growing in size. Most recently, investment projects Monolith Invest and Alfareserve made it to the list of suspicious companies offering their services to Russian investors. Meanwhile, the onset of official regulation for the Forex industry remains ambiguous in Russia, with the Forex bill still firmly ensconsed within the bureaucratic departments of the Duma and awaiting its second reading.