Russian Central Bank Sees Flood in FX Promotions Amid Lockdow

By Staff Writer

Russia’s central bank said it has noticed a remarkable rise in solicitations from unregulated brokers and warned (see here) public from doing business with especially forex platforms that promise an income stream during the Covid-19 lockdown.

A report stated, “Almost all consumers entrusting their funds to such forex dealers ultimately lose their money”.

The latest caution comes as Russian financial regulators said earlier this year they observed a continued downturn in complaints filed by customers regarding Forex dealers that provide licensed OTC FX services to Russian residents.

Russia has sought to crack down on both crypto and FX industries in recent months, which has long flocked to other jurisdictions.

Part of its crackdown, which dates back to 2018, the Russian central bank identified 140 companies it says might be illegally offering FX trading to local consumers earlier last year.

 

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