KROUFR plans to blacklist forex, binary options brokers over fund withdrawal issues

KROUFR plans to blacklist forex, binary options brokers over fund withdrawal issues

- in All News, Regulation
KROUFR complaints

Russia’s commission for the regulation of relations on financial markets KROUFR is preparing to blacklist seven forex and binary options brokers operating on the Russian market, for hindering clients from withdrawing their funds.

According to the August report of KROUFR, the total number of complaints against forex and binaries brokers was 17. Of them 13 were for the aforementioned problems. Two of the violators – Brokerway (4 complaints) and EU Broker Age (2 complaints) are already blacklisted. Binex, Turbo Forex, Daily Trades “IVA Project LTD”, Allday Option, Dragon Options and Trade12 are on their way to the black list.

KROUFR also threatened and eventually blacklisted the forex broker TouchTrades for incorrect order execution and fund withdrawal issues.

In August the watchdog solved three disputes, with the active participation of the brokers: against InstaForex for incorrect order execution, NewForex over a bonus program and ForenX for problems with depositing funds.

Another dispute – with Alpari – for loss of bonus sums is still negotiated.

KROUFR, set up in 2006, is a non-profit organization that aims to develop services and regulate the relationship between Russian participants of global financial markets, forex and binary options included. It provides mediation services in case of disputes between its members and their clients. Its members are online brokers TeleTrade, FreshForex, Forex Club, and Vertical Markets, as well as  trading platform UTIP.

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