The Central Bank published a list of illegal brokers

29-07-2021

In the first half of 2021 the Central Bank of the Russian Federation revealed more than 700 companies engaged in illegal financial activities. Among them there were more than 200 forex brokers. 

According to statistics, the number of illegal financial companies detected in the current year is more than 16% higher than last year’s figure for the same period. Management of the Central Bank explains this situation by the prosperity of illegal market participants on the background of the growing interest of private investors to invest in the pandemic. At the same time lack of financial literacy prevents people from correct choice of a Forex dealer. 

The list of identified illegal financial companies includes:

  • OptiMarkets;
  • United Asset Finance;
  • CRYPTO ALFA;
  • Erapharma, Era-Pharm;
  • HightWolf. 

“Often illegal forex dealers offer citizens to “earn money on the exchange” and their clients are those who simply did not have time to “reach” a legal forex broker,” – noted representatives of the Central Bank.

Illegal companies can position themselves as participants of the Forex market, while showing fictitious sites with fake trading results to trusting clients. Some of such organizations have foreign registration and can not operate legally in Russia.

The list of suspicious financial companies can be viewed on the website of the Central Bank of Russia. This year the General Prosecutor’s Office has already cleaned up illegal brokers by blocking websites. Active actions on the part of the state give hope for the reduction of financial pyramids and illegal participants of Forex market.

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