Retail broker Fortrade lost its authorization in the Republic of Belarus five and a half years after receiving it, according to the country’s regulatory registry. As reported by the Finance Magnates RU, nine over-the-counter (OTC) forex market participants are left in Belarus.

Belarus Revokes Fortrade’s License

Headquartered in London, Fortrade operates in Belarus under its locally formed subsidiary, LLC Fort Securities BLR. The unit received local authorization in April 2018 and eventually became the local market leader in 2020 regarding open positions and trading volumes.

Although the name of the Fortrade operator has been revoked from the Belarusian register, the reason behind the move remains unclear. Interestingly, the non-Belarusian version of the website still mentions the authorization in Belarus as an active one. Finance Magnates reached out to Fortrade for clarification but did not receive any comment as of press time.

Established in 2013, the Fortrade brand offers forex and contracts for differences (CFDs) trading services globally with authorizations from regulators in the United Kingdom, Canada, Australia, Cyprus, and Mauritius. In the fiscal year 2022, the group's revenue increased 14.1 percent to £32.3 million, with a decline in profits.

FX Brokers Are Leaving Belarus

Belarus was once touted as a developing financial hub in the Eastern Europe. However, the authoritarian nation failed to live up to its promises, and its markets continued to decline rapidly. Last year, the Belarusian over-the-counter Forex market lost seven participants.

In the ongoing Russia-Ukraine war, western sanctions on Belarus for ties with Russia has also forced many players to terminate their services there. Among the international brokers that halted services in the country last year are Robo Forex and Saxo Bank. On top of that, EXMO.com, a provider of digital asset trading, exited Russia and Belarus after selling its local businesses.

While the license of Fortrade has been revoked, currently, Belarus officially has nine operational licensed OTC forex participants. The figure does not include OpenFX, which ceased its operations in the country but is still registered there. Since introducing the legal framework around OTC forex, Belarus has authorized 32 companies. However, over the years, 23 companies have left the country for one reason or another.