Bloomberg News

Turkey Files Charges Against 32 Foreign Exchange Platforms

October 06, 2011

Oct. 6 (Bloomberg) -- Turkey’s market regulator filed charges against 32 web-based platforms that engage in foreign exchange trading without the required permission.

The request for legal proceedings to be taken against the companies was made to prosecutors, the news agency in Ankara said. The move follows a probe into their activities, state-run Anatolia news agency said.

Vedat Akgiray, Turkey’s chief market regulator, said on Aug. 23 that investors may lose cash invested in foreign exchange trading even after making a profit, because unauthorized trading platforms may not pay up.

The regulator started receiving applications for licenses to offer web-based currency trading as it sought to regulate the industry, Akgiray told reporters on Sept. 13.

Turkey will limit web-based foreign exchange trading to authorized brokers, Haberturk newspaper said on Aug. 18.

--Editor: Ercan Ersoy

To contact the reporter on this story: Mark Bentley in Istanbul at mbentley3@bloomberg.net

To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net


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