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InstaForex, a forex broker operating in Central and Eastern Europe and Asia, announced it is expecting further clarification from the Bank of Russia regarding its decision to deny the broker’s application for a Russian forex license.
The statement comes after Russia’s central bank posted a brief piece on its website, informing that it has decided to deny a license for a forex broker and professional participant on the securities market to the forex broker InstaForex, a brand of Fix Trade, registered in Russia in the city of Kaliningrad.
“Next week, InstaForex is awaiting a list of formal remarks and comments from the regulator. The company will fulfill all requirements and present the amended package of documents to obtain the license,” the broker said on its website.
InstaForex was among the first forex brokers operating in Russia to apply for a local forex license after the new legal requirements came into effect this January, but is by far not the first to be snubbed by the Bank of Russia.
The regulator has already denied the applications of the two largest forex brokers – Alpari and Forex Club, as well as of several smaller ones, bringing the total number to five. For comparison, only three got licenses: TeleTrade, TrustForex and Finam.
Other three: VTB24 Forex, Rodeler (owner of the binaries brokers 24Option, Grand Option and QuckOption and the forex broker 24FX) and Forex Club, which re-applied shortly after its first application was rejected, are awaiting the decision and one – Alfa Forex, is considering applying.