The Central Bank of Russia today posted a brief notice on its website announcing the annulment of the Forex dealer license of PSB-Forex.

The reason for the regulatory decision is a request submitted by the broker itself.

Let’s note that PSB-Forex, a subsidiary of Promsvyazbank, got its Forex dealer license back in April 2017. The license allowed the company to offer retail FX over-the-counter in Russia.

Early in 2020, PSB-Forex was put up for sale by its parent company, with the start price for the broker being RUB 149 million. All of the share capital of PSB-Forex was offered for sale. However, the sale process attracted no bidders.

In September 2019, the Association of Forex Dealers (AFD), the self-regulatory organization for Russia’s OTC FX sector, announced the sanctioning of PSB-Forex. The company was reprimanded due to its violation of the Internal Standards for conducting checks, the Association said.

PSB-Forex was one of the handful of firms that have Forex dealer licenses in Russia. In December 2018, the Central Bank of Russia annulled the licenses of several Russian FX brokers, including Alpari, Forex Club and TeleTrade. In its official announcement back then, the Central Bank explained that the licenses of five companies – Forex Club, Alpari Forex, Trustforex, Fix Trade, and TeleTrade Group, were taken away due to the companies’ violations of the Russian law.