The London-based retail broker Fortrade, has had its license revoked in Belarus, marking an exit five-and-a-half years after gaining authorization, as per the nation’s regulatory records. Only nine over-the-counter (OTC) forex market entities remain in the country.
Belarus cancels Fortrade’s Authorization
Fortrade, headquartered in London, has been operating under its local subsidiary, LLC Fort Securities BLR, in Belarus. In April 2018, the local unit obtained authorization, rising to become the top player in the local market by 2020 in terms of open positions and trading volume.
Despite the cancellation of Fortrade’s operator license from the Belarusian registry, the cause remains undisclosed. Notably, the company’s non-Belarusian website still lists the Belarusian authorization as active.
The Fortrade brand, established in 2013, offers global forex and contracts for differences (CFDs) trading services. It holds authorizations from UK, Canada, Australia, Cyprus, and Mauritius regulators. Despite a profit drop, the group’s revenue saw a 14.1% increase to £32.3 million in the 2022 fiscal year.
FX Brokers Are Bidding Farewell to Belarus
Once believed to be a burgeoning financial center in Eastern Europe, Belarus has struggled to meet expectations, with its markets observing a steep decline. The Belarusian over-the-counter Forex market lost seven participants in the previous year alone.
With the ongoing conflict between Russia and Ukraine, western sanctions on Belarus due to its connection with Russia have caused many businesses to cease their operations there. International brokers such as Robo Forex and Saxo Bank stopped their services in the country last year. Digital trading asset provider EXMO.com also exited Russia and Belarus following the sale of its local businesses.
Despite Fortrade’s license revocation, nine licensed OTC forex entities still operate in Belarus. This number does not include OpenFX, who remain registered in Belarus despite stopping their operations. Since introducing the legal framework for OTC forex, Belarus has authorized 32 companies. However, 23 companies have decided to leave the country over the years for various reasons.
