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Bank of Russia banned major Forex brokers and cryptocurrency exchanges

Bank of Russia banned major Forex brokers and cryptocurrency exchanges

The Russian Central Bank has published a long list of companies that have identified signs of illegal activities, and they are not allowed to carry on business within Russia.

The list has more than 1800 firms, including some popular and licensed Forex businesses, including Alpari, Interactive Brokers, and Swissquote. This blacklist also includes cryptocurrency organizations as well as binary options brokers.

Though many of these businesses have licenses from other countries, they do not have permission to work in Russia, and hence that is being given as the key reason for banning them. Moreover, according to financial authorities, these businesses have been noted to be running financial pyramid schemes, providing illegal lending and participation in the securities sphere.

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