FCA Issues Warning Against Russian-Cyprus “Trillion-Dollar” Broker Network Alpari
The UK’s Financial Conduct Authority (FCA) has published a warning concerning the broker brand Alpari, a long-established entity with roots in Russia and an extensive offshore structure. The network surrounding Alpari, along with associated brands such as ForexTime and ForTrade, raises ongoing regulatory concerns.
Background of Alpari and Its Founder
Alpari traces its origins back to 1998, when it was founded in Kazan, Russia, by Russian-born entrepreneur Andrey Dashin (website). Over time, the group expanded internationally and reportedly serves more than two million clients worldwide.
According to records from UK Companies House, Dashin is currently based in Cyprus. From there, he also manages the broker ForexTime (FXTM), which operates under regulatory oversight from authorities such as CySEC and the FCA.
Key Data Overview
| Category | Details |
|---|---|
| Trading Name | Alpari |
| Domains | www.alpari.com, www.alpari.org, www.alpari-broker.ru |
| Legal Entities | Alpari Broker LLC (Russia), Alpari Evrasia LLC (Belarus), Alpari Limited (SVG), Exinity Ltd (Mauritius), Exinity Services Ltd (Cyprus), FT Invest Ltd (Seychelles), FT Global Services Limited (Cyprus), Sawor Services Limited (Cyprus) |
| Key Individual | Andrey Dashin (LinkedIn) |
| Related Brands | ForexTime (FXTM), ForTrade |
| Jurisdictions | Russia, Belarus, Cyprus, Seychelles, Mauritius, St. Vincent & The Grenadines |
| Regulators | CySEC, Financial Conduct Authority, Central Bank of Russia, Financial Sector Conduct Authority, National Bank of Belarus, FSC Mauritius |
| Warnings Issued By | CNMV, FCA, SC Malaysia |
Structure and Operations
The operational structure behind Alpari is complex and spans multiple jurisdictions. Both Alpari and ForexTime (FXTM) utilize offshore entities, particularly Exinity Limited (registered in Mauritius), to conduct parts of their business activities.
This setup suggests:
- Shared infrastructure between Alpari and ForexTime
- Use of offshore jurisdictions for client onboarding and operations
- Overlapping corporate and operational resources
Additionally, connections have been identified with the ForTrade group. In particular, ForTrade reportedly worked alongside Alpari Broker LLC via the domain www.gloryFT.com, indicating cooperation within this broader ecosystem.
Global Presence and Market Claims
Under the Alpari International brand, the group claims to operate in over 150 countries, serving more than 2 million users globally. The brand has also highlighted multiple industry awards and states that its annual trading turnover exceeds $1 trillion.
These figures are prominently promoted by Andrey Dashin on official channels.
Regulatory Concerns and Overlapping Structures
Despite multiple regulatory warnings, the broader network involving Alpari, ForexTime, and ForTrade remains insufficiently examined as a unified structure.
Key concerns include:
- Lack of clarity on boundaries between entities
- Overlapping operations across jurisdictions
- Fragmented regulatory oversight
- Focus by regulators on individual entities rather than the entire network
While the FCA has issued a warning against Alpari, and Germany’s BaFin has reportedly initiated actions related to ForTrade, authorities appear to address isolated cases rather than the full interconnected system.
Call for Information
Further clarity is needed regarding the relationships and operations within this network.
If you have relevant insights about Alpari, ForexTime, ForTrade, or associated entities, you can share information through the Scam-Or Project whistleblower section.
