On Thursday, September 14,the proceedings commenced.
Yandex and Process-A sought to defend themselves by arguing that the services they advertised were not financial and, therefore, do not require a license by the Bank of Russia. Moreover, they said, the company whose services they were advertising is targeting residents of the Seychelles and not of the Russian Federation.
- Deposits bitcoin with interest and receipt
The adverts in question were about online trading services provided by Olymp Trade, a brand of Smartex International Ltd. The website of the company offers a variety of trading services, with an apparent focus on binary options.
According to the Russian Association of Forex-dealers, which filed the complaint over the illegal advertising, there is a violation of the law, as the website of the entity in question has a Russian version and obviously targets Russian clientele. Moreover, the adverts were distributed in Russia, and clients are allowed to start trading using Rubles.
Binary Options Scam
Forex advertising in Russia is allowed only to companies that have Forex dealer licenses issued by the Bank of Russia. Binary options trading, however, remains a grey area and the regulators have not made any particular statements as to how this segment may be treated.
Forbes based its estimates on data derived from SimilarWeb. The data show that in April this year, the four platforms in question had more than 50 million visits.
This means that Russia accounted for Very far behind it in the ranking are Thailand, Brazil, Turkey and Vietnam — countries with apparently lax regulation.