Kazakhstan blocks access to Russian broker website

The Financial Monitoring Agency of the Republic of Kazakhstan and the Ministry of Communications and Information reported that the website of Finam, one of the largest brokerage companies in Russia, is no longer accessible in Kazakhstan due to suspicion of being involved in organizing a Ponzi scheme.

According to the ministry, the finam.ru website has been in the Cybernadzor system since July 5, 2022, due to involvement in organizing a Ponzi scheme and other fraudulent activities.

«The inspection of the finam.ru website revealed signs of Ponzi schemes such as promises of high and rapid yields for minimal investments and regular payments for attracting new clients. The company also promised 20% fees and other incentives to everyone who would promote Finam services to their clients and friends, identify their needs and consult on the company’s financial products and services,» the Financial Monitoring Agency told Kursiv.media.

The agency also said that it will unlock access to the website, when there is no illegal content on it.

Finam, which already renders services to Kazakhstanis, wants to enter the country’s market by establishing a local broker or participating in trading on local stock exchanges directly. That being said, Finam’s website is accessible in Kazakhstan only via VPN. In October 2023, the company reported its first problems with access to its online platform in Kazakhstan.