OANDA, a longtime player in the multi-asset retail trading industry, has announced its plans to finally shut down its operations in Malta on March 17, 2023, and run its European business “under one regulated entity” from Poland. The broker announced on Monday that it will transfer its business to its Polish subsidiary, OANDA TMS Brokers, following its exit from Malta.

Under its Maltese license, OANDA operates under OANDA Europe Markets Limited (OEML). However, this Maltese subsidiary will stop offering services “currently provided on the basis of OANDA Europe Markets Limited Retail and Professional Clients Terms of Business (‘ToB’),” the broker announced.

OANDA Seeks to Consolidate Its European Business

OANDA noted the move will help it “consolidate its operations” in Europe under OANDA TMS, which is registered in Poland and regulated by the Polish Financial Supervision Authority.

“Under this reorganization, which reflects OANDA's emphasis on enabling smarter trading for clients, active traders in Europe will be able to gain access to the broader TMS product offering, which includes a wider range of asset classes and a cutting-edge platform integrated with MT5,” OANDA explained in the statement.

Watch the recent FMLS22 session on the importance of prop trading accounts to the brokerage business.

The broker, which recently unveiled a new visual identity, pledged that it will carry out the change in operations “in the least disruptive way possible.” It noted that its clients have been informed of the change and have been given options on how to go about their existing trading accounts with OEML.

Going forward, OANDA added, the brokerage brand will be built “on the foundations of TMS' multi-asset offering and cutting-edge tech stack to accelerate business growth and better support clients across Europe.”

OANDA Expands Offering and Strengthens Workforce

Meanwhile, OANDA recently expanded its customer offering by introducing crypto trading to its platform for users in the United States. The project was launched in partnership with Paxos, a blockchain infrastructure company.

However, in recent months, OANDA rejigged its leadership team across other regions. While Galin Georgiev joined as the Head of Product Operations in October, Jessica Beckstead became the Managing Director of North America and the Chief Executive Officer in the United States in September. In addition, OANDA promoted Philip Waters to Head of Asia Pacific and Emerging Markets in July.