Fix Trade, the owner of Insta Forex, sues Bank of Russia

The owner of the well-known international brand Insta Forex, Fx Trade, applied to the court accusing the Central Bank of Russia for unjustified withdrawal of the license to operate in Russia. This is a reaction to the actions that were taken by the Russian authorities at the end of the year 2018.

Fighting with goliat

On December 27, the Russian central bank announced the withdrawal of licenses to five brokers: Alpari, Fx Club (Libertex), TeleTrade, Fix Trade and Trust Forex. The reasons were different and we described them in detail in a separate article here. The time for extinction of operations in Russia was set at 27 in January, which is just one month after the public information was presented.

Fix Trade LLC., Which owns the well-known Insta Forex broker, from the very beginning has focused primarily on Asian markets, decided to take the gauntlet in order to continue operating on the attractive Russian market. Fix Trade maintains that, despite the CBR's allegations, it did not breach any provisions of local law. Another broker - Alpari Forex is also preparing a similar complaint. The application was referred to the Moscow Arbitration Court.

Withdrawal of certificates

Reports from the Finance Magnates portal show that in addition to the withdrawal of the brokerage license, two members of the company's management team, Dmitry Savchenkoi Sergey Shevaldov, lost certificates for this type of activity due to the presentation of incomplete and / or false reports and reports on the company's operations.

One gets the impression that attempts to fight the Bank of Russia are a duel like David and Goliath. Will anything be able to imbue the removed Forex brokers? At the moment, the changes introduced by the regulator meant that there was only one legally operating entity on the Russian Forex market - the domestic Alfa Bank.