Breaking: Red-Listed Brokers ForexTime and FXTM Shut Down Operations and Relinquish CySEC License

The broker brands Alpari and ForexTime (FXTM), both associated with Russian entrepreneur Andrey Dashin (website), have recently undergone significant changes that raise serious questions about their regulatory status. Scam-Or Project has placed these brokers on its Red Compliance List. At the same time, ForexTime and FXTM have reportedly discontinued operations and voluntarily surrendered their license with the Cyprus Securities and Exchange Commission. The current situation surrounding Alpari remains unclear.

Operational Shutdown and Legal Pushback

A key development is the notice published on the ForexTime website, confirming that operations were terminated as of December 31, 2023. However, it remains uncertain which specific entities within the broader Alpari and FXTM structure are affected.

At the same time, a cease-and-desist letter issued by Exinity Limited (Mauritius), signed by director Om Pravesh Kumar Lolljee, challenges the “Red” compliance classification assigned by Scam-Or Project, alleging defamation. This legal move adds further complexity to an already opaque situation.

The shutdown of ForexTime (FXTM) appears to impact both UK and EU operations. Nevertheless, the platform FXTMtrades (FXTMtrades.net) continues to function.

Attempts to register on Alpari International (Alpari.org) redirect users to the ForexTime website, which states that operations have ceased. Notably, the Financial Conduct Authority-regulated entity provides no clarification regarding this unusual setup.

Regulatory Uncertainty

The regulatory framework surrounding Alpari, ForexTime, and FXTM is currently marked by ambiguity. According to publicly available data from CySEC, ForexTime Ltd has voluntarily renounced its license, indicating a potential withdrawal from both European and UK markets.

This suggests that the group may be exiting these regions altogether.

Blurred Structures and Overlapping Entities

The structure behind Alpari, ForexTime, and FXTM remains highly opaque. Multiple overlapping entities and unclear operational boundaries make it difficult for regulators to determine responsibilities and ownership.

Despite previous warnings from regulators, there appears to be limited comprehensive investigation into the network as a whole.

Entities and Licensing Overview

The Exinity Group manages Alpari and ForexTime through a complex network of companies:

• Exinity UK Ltd – holds an FCA license but is expected to cease operations
• ForexTime Ltd – formerly licensed by CySEC (license now renounced)
• Exinity Limited (Mauritius) – regulated by the Financial Services Commission, operates Alpari International
• Alpari (Comoros) Ltd – claims licensing from the Mwali International Services Authority

Additional operational observations:

• FXTMtrades (FXTMtrades.net) remains active, still listing Exinity and ForexTime entities without reflecting the license renouncement
• FXTMpk (fxtmpk.com) continues targeting professional traders while referencing regulation by CySEC and the Financial Sector Conduct Authority, which may be misleading

Compliance Warnings and Red Flag Status

Due to multiple compliance concerns, both Alpari and ForexTime (FXTM) have been included on the Red Compliance List maintained by Scam-Or Project. The platform continues to uphold this classification and advises traders to avoid engaging with these broker schemes.

Key Data Overview

General Information

Legal Entities

• Alpari Broker LLC (Russia)
• Alpari Evrasia LLC (Belarus)
• Alpari Limited (SVG)
• Exinity Limited (Mauritius)
• Exinity Works Ltd (UK)
• Exinity Services Ltd (Cyprus)
• FT Invest Ltd (Seychelles)
• FT Global Services Limited (Cyprus)
• Sawor Services Limited (Cyprus)
• Alpari (Comoros) Ltd (Mohéli)

Key Individuals

• Andrey Dashin (LinkedIn)
• Om Pravesh Kumar Lolljee
• Olga Rybalkina
• Lex Webster
• Robin Davies
• Nicholas Defteras
• Mukesh Kachroo
• Lulwa Jundi
• Saad Naja
• Alison Cashmore
• David Scott

Regulatory Bodies

• Cyprus Securities and Exchange Commission (license renounced)
• Financial Conduct Authority
• Financial Sector Conduct Authority
• National Bank of Belarus
• Financial Services Commission
• Mwali International Services Authority
• Central Bank of Russia

Warnings

• CNMV (2020, 2021)
• FCA
• SC Malaysia
• RBI India

Conclusion

The situation around Alpari, ForexTime, and FXTM is defined by operational shutdowns, unclear regulatory positioning, and persistent compliance risks. The fragmented structure of entities and lack of transparency complicate oversight for regulators and create uncertainty for clients.

Scam-Or Project continues to monitor developments and encourages anyone with relevant information to report it via the Scam-Or Project website.