BCS-Forex Obtains FX Dealer License from the Bank of Russia

The Bank of Russia, the country's central bank, announced that it has granted a forex dealer license to Brokercreditservice – Forex (BCS-Forex). With the license, the company will be able to carry out regulated operations in the country.

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"On November 18, 2021, the Bank of Russia decided to issue a license of a professional participant in the securities market to carry out the activities of a forex dealer to Limited Liability Company BrokerCreditService – Forex (Moscow),"the bank stated.

Along with the addition of BCS-Forex, only four regulated forex dealers are now operating in the country. The other three forex dealers operating with a local Russian license are VTB Forex, Alfa-Forex, and FINAM Forex.

Among the reasons for the small number of such entities is the fact that the requirements for a Forex dealer license in Russia are quite stringent. Earlier this year, the central bank announced the cancellation of the broker and dealer licenses of Credit Suisse Securities (Moscow) LLC, a Russian division of Credit Suisse.

In June, more than 1,800 financial firms are blacklisted by the Bank of Russia​, including some highly renowned FX brokers such as Alpari, Interactive Brokers and Swissquote that are licensed by other countries.