The Financial Commission (FinaCom), an independent provider of compliance solutions and self-regulatory frameworks for international forex, cryptocurrency, binary options and CFD brokers, announced today a partnership with the Russian provider of institutional and retail forex trading NPBFX. The brokerage is hoping to increase its prestige and costumer trust by collaborating with FinaCom.
NPBFX is an international forex broker registered in Belize and regulated by the International Financial Services Commission. The company operates in partnership with the Russian bank Nefteprombank, which has provided services in Russia since 1996. NPBFX received its Belize offshore license in February 2014, and is positioning as an ECN- broker.
“NPBFX joins a growing list of members who have engaged the services of the Financial Commission to provide its customers with a neutral 3rd party mediator to help resolve complaints in cases of disputes where customers are unable to reach agreement with their broker,” FinaCom stated.
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Following the approval of its application by the FinaCom PLC’s board, NPBFX’s status as an official member of the Financial Commission began effective December 3, 2015. “We are glad to welcome NPBFX as our newest member,” said Financial Commission Chairman Peter Tatarnikov. “We believe that it’s a great step for NPBFX as the company seeks to leverage its regulatory licenses and grow its business globally.”
Sailing in Search of Convenience
This is not the first time a Russian bank has registered one or more forex brokers abroad, thereby diversifying their own regulating risks and selecting a convenient business environment. So even on the eve of the ‘Forex Law’ in Russia, Alfa-Forex – a member of Alfa Group, a major Russian banking group- has transferred their registration from the British Virgin Islands to Cyprus, thus becoming European through an offshore broker. In addition, banking giant Sberbank, which has invested in the international (Israeli) social trading project eToro, has not yet submitted an application for a Russian license.