Exclusive: eToro Stops Offering FX Trading in Russia
- eToro’s clients in Russia will still be able to trade CFDs on shares, commodities and cryptocurrencies.
eToro is suspending its foreign exchange offering in Russia, Finance Magnates can confirm. The company sent out an official email to its Russian clients, informing them of the upcoming changes. The company will cease offering FX trading starting from tomorrow, the 13th of September.
The changes are a consequence of the official implementation of a new regulatory framework for the provision of rolling spot FX in Russia. After years of deliberations, Russian authorities have mandated the licensing of companies that are willing to provide margin FX in the country. So far only eight companies have obtained licensing, none of which are EU-based brokerage houses.
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The social trading provider will retain for its Russian clients order execution in other asset classes. Customers will continue to be able to trade CFDs on commodities, shares and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.
eToro highlights that the limitation does not include positions that are already open. Clients will be able to hold their already open positions as long as they deem necessary.
Clients will continue to be able to monitor quotes on the currency market as well as publicly discuss their trading ideas on FX.
The news comes a year and a half after Russian Sberbank announced a partnership deal with eToro. The companies formed a joint venture which is designed to offer social trading services to a pool of clients of the Russian bank. Back in 2014, the venture capital arm of the Russian bank provided the company with funding in tandem with Chinese investors.
Yoni Assia
Yoni Assia, co-founder and CEO at eToro noted: “We understand the need for Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of new and innovative financial products, such as cryptocurrencies and social trading. eToro looks forward to sharing its knowledge with Sberbank and The Central Bank of the Russian Federation (CBR) in order to create a framework to support innovation. In the meantime we will be removing our support for FX trading in Russia."
eToro is suspending its foreign exchange offering in Russia, Finance Magnates can confirm. The company sent out an official email to its Russian clients, informing them of the upcoming changes. The company will cease offering FX trading starting from tomorrow, the 13th of September.
The changes are a consequence of the official implementation of a new regulatory framework for the provision of rolling spot FX in Russia. After years of deliberations, Russian authorities have mandated the licensing of companies that are willing to provide margin FX in the country. So far only eight companies have obtained licensing, none of which are EU-based brokerage houses.
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The social trading provider will retain for its Russian clients order execution in other asset classes. Customers will continue to be able to trade CFDs on commodities, shares and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.
eToro highlights that the limitation does not include positions that are already open. Clients will be able to hold their already open positions as long as they deem necessary.
Clients will continue to be able to monitor quotes on the currency market as well as publicly discuss their trading ideas on FX.
The news comes a year and a half after Russian Sberbank announced a partnership deal with eToro. The companies formed a joint venture which is designed to offer social trading services to a pool of clients of the Russian bank. Back in 2014, the venture capital arm of the Russian bank provided the company with funding in tandem with Chinese investors.
Yoni Assia
Yoni Assia, co-founder and CEO at eToro noted: “We understand the need for Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of new and innovative financial products, such as cryptocurrencies and social trading. eToro looks forward to sharing its knowledge with Sberbank and The Central Bank of the Russian Federation (CBR) in order to create a framework to support innovation. In the meantime we will be removing our support for FX trading in Russia."