Andrey Dashin, a Russian-born serial retail forex entrepreneur and founder of the Exinity Group, has steered prominent financial brands like ForexTime (FXTM), Alpari, and Alpari International. In 2020, Dashin consolidated his retail forex schemes into the Exinity Group, chaired by FXTM CEO Olga Rybalkina. The broker schemes faced regulatory scrutiny, including FinTelegram’s redlisting. Recently, FXTM announced its closing down and renounced its CySEC license.
The Complicated Alpari Venture
Andrey Dashin‘s journey began with his graduation from Kazan’s Federal University’s Finance and Credit faculty. In 1998, he established Alpari, becoming Russia’s premier forex broker. Founded in Russia, Alpari embarked on an international expansion that ultimately ended in 2015 with the insolvency of the then-FCA-regulated Alpari UK Ltd. The UK entity had already previously had to pay fines due to money laundering problems.
The Alpari licenses in Cyprus, Russia, and the U.S. were also revoked. What remains is Alpari International, which Dashin’s Exinity Group operates via the offshore destinations of Comoros and Mauritius.
The FXTM Situation
2011 Dashin co-founded ForexTime (FXTM) in Cyprus with Olga Rybalkina, targeting emerging markets.
Read our reports about Andrey Dashin here.
While Dashin’s financial success is certainly impressive, regulatory actions have raised concerns. In 2022, FCA-regulated Exinity UK Ltd, one of the operators of FXTM, reported a decline in turnover with a profit of just under £319,000. Surprisingly, the company announced the cessation of operations as of December 31, 2023, with the voluntary withdrawal of its CySEC license.
The lack of details surrounding FXTM‘s discontinuation and the absence of information on Dashin’s websites raise critical questions. Neither the Exinity Group‘s website nor Dashin’s personal website provides any guidance on the latest developments.
The group’s global network of offices and regulations spans Europe, Africa, Asia and Latin America, and we have already attracted over 4 million clients across 180 countries.
FXTM website
With (allegedly) over four million clients, closing ForexTime (FXTM) seems to be a harsh decision. The implications for Dashin and his personal wealth remain unclear. On the FXTM website, the closure of the broker is presented as a management decision. We do not know whether there may have been problems with regulators.
Share Information
We find it disconcerting that the operators and owners do not properly explain the ForexTime (FXTM) situation. We would like to know the details, and surely so would the millions of clients and regulators.
FinTelegram will closely monitor developments and provide updates on this evolving situation around Andrey Dashin and his Exinity Group. If you have any information about this, please let us know via our whistleblower system, Whistle42.