Alpari Group

Last updated
Alpari Group
Company type Private
Industry Financial services
FoundedDecember 1998 (1998-Dec)
FounderAndrey Dashin (Chairman)
Headquarters Kingstown, Saint Vincent and the Grenadines [1]
Services retail foreign exchange, Contract for Difference
Parent Exinity Group
Website www.alpari.com

Alpari Group is a multinational foreign exchange, precious metals and CFD broker with headquarters in several countries. The company's UK entity entered insolvency on January 19, 2015, following heavy losses trading the Swiss franc against the euro. [2] The company is licensed to trade in Belarus [3] and Saint Vincent and the Grenadines. [1]

Contents

Headquarters

The brand’s headquarters are located in the Comoros. Alpari (Comoros) Ltd is registered in Fomboni, Island of Mohéli, Comoros Union, number HY00423015 and licensed by the Mwali International Services Authority, Island of Mohéli as an International Brokerage and Clearing House under license number T2023236. [4]

History

The company was established in Kazan, Russia, in 1998. [5] However, it wasn't until 2002 that Alpari began expanding internationally by making its website available in English. [5]

United Kingdom

Alpari (UK) was founded in 2004. It was regulated by the Financial Services Authority in September 2006. The company opened and closed several branches in other countries. Alpari UK Ltd was fined £140,000 for anti-money laundering failings by the FSA in 2010. The firm's former money laundering reporting officer, Sudipto Chattopadhyay, was also fined £14,000. [6] Cyprus office opened in 2010 and the CySEC license was acquired that year and renounced in December 2012. That office closed in February 2013. [7] [8] Alpari (UK) entered Indian market in 2008 and left India in March 2014. [9] For UK residents, the company also offered financial spread betting on Forex and indices. [2]

On January 16, 2015, Alpari has entered insolvency following heavy losses the previous day when the Swiss National Bank removed the franc's ceiling against the euro. [10] [11] On January 19, Alpari (UK) Ltd. applied for formal insolvency and the English High Court appointed a special administrator from KPMG under the Special Administration Regime. [12]

Russia

Alpari-Broker Ltd. (Russian:ООО «Альпари-Брокер») was established as legal entity in September 2008 in Kazan, Russia. It was licensed as a professional participant of the equity markets for providing brokerage, dealership and money managing services by the Central Bank of Russia. [13]

Additionally, it was an associated member of NAFD (National Association of Forex Dealers), a self-regulatory organization created by Forex brokers. [14] Since March 2017, Alpari is a member of AFD (Association of Forex Dealers) — the only SRO accredited by the Russian central bank. [15]

On December 27, 2017, the Central Bank of Russia revoked Alpari's license (along with the license of four other FX brokers), effectively ordering it to stop its Russian operation by January 27, 2018. [16]

United States

Alpari US LLC was established in 2006. [17] It had its NFA membership approved in November 2007 and removed in April 2015. [18] In April 2015, the company's US NFA membership was revoked, preventing them from offering their services in the United States. [18]

India

In September 2022, the Reserve Bank of India (RBI), India's central bank, released a list of 34 forex trading online platforms, in which Alpari was also listed as illegal in India. [19]

Services

The Alpari brand is present in 165 countries. Alpari specialises in online trading and investment services.

Alpari has a long history in Forex trading - with a peak trading volume of USD 2.5 trillion in a single year. [20]

Alpari currently has a user base of 2 million, making it one of the largest Forex brokers in the world.

Regulations and licensing

Alpari is incorporated under registered number 20389 IBC 2012 by the Registrar of International Business Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines, and is a member of The Financial Commission - an international organization engaged in the resolution of disputes within the financial services industry in the Forex market.

Founders

The company was established by Andrey Dashin, Chairman of the Board of Directors. Andrey Valerievich Dashin owns both Alpari and another foreign exchange broker, FXTM, also known as ForexTime. [21]

The Alpari Charitable Fund

The Alpari Charitable Fund was founded in 2005 by Andrey Dashin with the goal of helping children from the Republic of Tatarstan to reach their full potential, regardless of their socio-economic background or mental and physical disabilities. [22]

In 2018, the Alpari Charitable Fund provided a total of 29.4 million rubles in of support to residents of Tatarstan. [23] In the first half of 2019, a total of 24.9 million rubles was provided in support to beneficiaries in Tatarstan. [24]

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References

  1. 1 2 Golovtchenko, Victor (2018-11-21). "Exclusive: Alpari Closes Down Belize Subsidairy" . Retrieved 2020-09-12.
  2. 1 2 "News for customers of Alpari (UK) Limited". Financial Conduct Authority. January 20, 2015. Retrieved March 6, 2017.
  3. ↑ "Information about the legal entities included in the forex companies registry as of 03.09.2017". National Bank of the Republic of Belarus. Retrieved 2020-09-12.
  4. ↑ "About Alpari" . Retrieved 2023-09-15.
  5. 1 2 "Alpari Company History" . Retrieved 2022-09-11.
  6. ↑ Binham, Caroline (5 May 2010). "Alpari Fined $212,000 by U.K. FSA Over Money-Laundering Failure". Bloomberg. Retrieved 25 June 2021.
  7. ↑ "Alpari Financial Services Success Story". Cyprus.com. Archived from the original on 23 April 2015. Retrieved 13 April 2015.
  8. ↑ "CySEC Announcement". CySEC. 8 May 2013. Retrieved 13 April 2015.
  9. ↑ Mishra, Lalatendu (28 March 2014). "Alpari India shuts shop". TheHindu.com. Retrieved 13 April 2015.
  10. ↑ "Swiss franc shock forces West Ham shirt sponsor Alpari out of business". The Telegraph. 16 January 2015. Retrieved 13 April 2015.
  11. ↑ "Alpari UK currency broker folds over Swiss franc turmoil". BBC News. 16 January 2015. Retrieved 13 April 2015.
  12. ↑ "Notice of special administrators' appointment". 19 January 2015. Retrieved 13 April 2015.
  13. ↑ "Список организаций, имеющих лицензию профессионального участника рынка ценных бумаг на осуществление брокерской деятельности". CBR.ru (in Russian). 17 January 2014. Retrieved 13 April 2015.
  14. ↑ "Members of NAFD". NAFD.ru. Archived from the original on 2 August 2016. Retrieved 23 March 2016.
  15. ↑ ""Alpari Forex" became a member of the Association of Forex dealers". BrokerSearch.ru. 2017-03-16. Retrieved 2020-09-12.
  16. ↑ "Russian Central Bank Ends FX Competition". 2017-12-27. Retrieved 2020-09-12.
  17. ↑ "Company Overview of Alpari (US), LLC". Bloomberg. Retrieved 3 July 2017.
  18. 1 2 "ALPARI US LLC". NFA. Retrieved 14 April 2015.
  19. ↑ "RBI issues alert list: Declares these 34 forex trading online platforms as illegal". The Times of India. September 11, 2022.
  20. ↑ "Why we're educating Nigerians on forex trading – The Sun Nigeria". 2017-07-03. Retrieved 2023-09-15.
  21. ↑ Plotnikova, Irina (2017-10-16). "Dollar millionaire Andrey Dashin files a lawsuit against Google and Yandex" . Retrieved 2020-09-12.
  22. ↑ "Благотворительный фонд Альпари". The Alpari Charitable Fund. Retrieved 5 September 2019.
  23. ↑ "Татарстанцы через благотворительный фонд помогли нуждающимся почти на 30 млн рублей". Татар-инфо. Retrieved 14 May 2019.
  24. ↑ "Благотворительный фонд "Альпари" оказал помощь в Татарстане на рекордную для полугодия сумму". Реальное время. Retrieved 31 August 2019.
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