Alpari says to appeal license revocation by Russian central bank

MOSCOW, Dec 28 (PRIME) -- Alpari Forex LLC, a local subsidiary of international forex trader Alpari, plans to appeal against the Russian central bank’s decision to cancel the company’s license, Alpari said in a statement late on Thursday.

“Until now, Alpari Forex LLC, a Russian legal entity of the Alpari brand, has not received any official license revocation notice from the Russian regulator, and continues to serve its clients in full compliance with Russian legislation. Upon receipt of the notice, Alpari Forex LLC will act in full compliance with Russian legislation and will appeal the decision of the regulator in the manner prescribed by law,” the statement read.

The company also said that the regulator’s statement on revocation of licenses contains no reason for withdrawal of licenses from all forex traders in the country that are not subsidiaries of banks, the company said.

Earlier on Thursday, the regulator said it will annul licenses of five Russian forex traders – Alpari, Forex Club, TeleTrade Group, Fix Trade, and TrustForex, and that their licenses will expire on January 27, 2019. Besides the five companies, there are only four more licensed forex traders in Russia – Finam Forex, VTB Forex, PSB-Forex, and Alfa-Forex.

Larisa Selyutina, head of the regulator’s department for the stock and commodity markets, said then that the five companies were subsidiaries of international forex dealers that operate mainly on the foreign forex markets, and that the central bank was worried by the risks for Russians the companies posed.

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