About two months after it obtained a forex dealer license from Russia’s central bank, the forex broker VTB24 Forex became a member of the local self-regulation organization (SRO) Association of forex dealers (AFD).
With the admission of VTB24 Forex, AFD has four licensed members, along with Finam Forex, TrustTrade and TeleTrade. AFD is also the only forex broker association in Russia that has accreditation from the country’s Central Bank.
Earlier this year the broker was admitted to another Russian SRO – the National Association of the Forex Dealers (NAFD) (formerly known as CRFIN).
VTB24 Forex was established this winter by VTB Bank and almost immediately applied for a forex license from the Bank of Russia.
Recently the US regulator, the CFTC has fined the parent of VTB24 Forex – VTB Bank and its UK-incorporated subsidiary VTB Capital. They were ordered to jointly pay a $5 million civil monetary penalty for fictitious forex trades at non-true prices.