Alpari Russia has just officially announced that it withdrew its KROUFR membership, one of the Russian forex market’s Self Regulatory Organizations (SRO). This comes 10 years from the establishment of this organization. We were pessimistic back then about the prospects of such association as it wasn’t government mandated (like CFTC mandates NFA), not all Russian brokers were members and it couldn’t enforce its decisions on members.
Company stated that this decision was taken following an internal audit of the organization as well as dissatisfaction with the way client complaints were handled. Alpari reminds that it continues to drive regulatory efforts in Russia via CRFIN.
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Following the exit of Russia’s largest forex broker it seems that KROFUR as an organization will cease to exist or will only be recognized by a handful of brokers, but certainly will not be considered an official SRO anymore. Given the status of forex regulatory efforts in Russia it doesn’t seem that Russian traders will get to see proper local forex regulation drafted any time soon.