Russian state’s communications watchdog, the Federal Service for Supervision of Communications, Information Technology and Mass Media, has added FX platform provider, NinjaTrader to the list of blacklisted websites in the country. The news was first reported by Forex Magnates Russia.
The domain of ninjatrader.com was blacklisted on September 29, 2020, and the watchdog cited the Article 15.3 of the Federal Law of July 27, 2006 No. 149-FZ to include the US Fintech provider on the list of prohibited websites. Russia’s central bank said earlier this year it had spotted a notable increase in solicitations from unregulated brokers and specifically warned the public from doing business with forex platforms that promise an income stream during the Covid-19 lockdown.
“This legislative norm regulates the procedure for restricting access to sites on the Internet containing information calling for mass riots, extremist activities or participation in mass (public) events held in violation of the established order. Roskomnadzor will organize the restriction of access to such information based on the request of the Prosecutor General of the Russian Federation or his deputy,” the Roskomnadzor commentary stated.
Launched in 2003, NinjaTrader provides a complete end-to-end platform serving manual and automated traders of futures, equities and forex markets. The platform offers dynamic analytic tools both natively and through its vast third-party partner ecosystem.
Russia Cracks Down on Crypto and FX Industries
NinjaTrader officially operates as an introducing broker for several brokers and claims such partnerships deliver savings to its clients through tight spreads and discount commissions. NinjaTrader is available at over 100 brokerages worldwide and is promoted through offering free charting, analytics, system development, and trade simulation.
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Additionally, users of NinjaTrader’s trading software have access to crypto brokerage service providers directly through a simple online registration process.
Russia has sought to crack down on both crypto and FX industries in recent months, which has long flocked to other jurisdictions. As part of its crackdown, which dates back to 2018, the Russian central bank identified 140 companies it says might be illegally offering FX trading to local consumers earlier last year.
However, Russian financial regulators said earlier that they have observed a continued downturn in complaints filed by customers regarding Forex dealers that provide licensed OTC FX services to Russian residents.
The Russian Central Bank did an analysis of complaints it received in the first quarter of 2020 against financial services firms. According to the study, claims against securities brokers totaled only 293, which is almost four percent lower from a year earlier. Out of this figure, the mega regulator said a mere 0.3 percent of total complaints were from dissatisfied customers against OTC FX brokers, compared to 9 percent in Q1 2019.
In 2019, the central bank received nearly 1000 complaints throughout the year, which was lower than the 1,439 complaints it received in 2018.