RoboForex Quits Belarus Three Years after Licensing

RoboForex, the Belarusian subsidiary of international forex broker Forex Broker In the forex space, a broker is any company that can provide traders with access to a platform that permits the buying and selling of multiple currencies.The retail forex industry has grown over the past two decades to include every major jurisdiction, which in turn has necessitated new regulatory oversight. Relative to the institutional sector, retail brokers are rather small portion of the greater forex market. However, traders can rely on brokers for leveraged trading in a 24-hour-a-day marke In the forex space, a broker is any company that can provide traders with access to a platform that permits the buying and selling of multiple currencies.The retail forex industry has grown over the past two decades to include every major jurisdiction, which in turn has necessitated new regulatory oversight. Relative to the institutional sector, retail brokers are rather small portion of the greater forex market. However, traders can rely on brokers for leveraged trading in a 24-hour-a-day marke Read this Term RoboMarkets, has ceased its operations in the Republic of Belarus three years after receiving a regulatory license to operate there.

The broker said it will no longer provide access to over-the-counter (OTC) non-deliverable financial instruments to individuals and organizations in the eastern Europe country.

The company announced the decision in a message to its clients and partners dated mid-July. The reason for quitting was not stated.

However, the broker in the announcement urged all its clients to close all open positions before the 29th of last month.

In addition, it instructed them to withdraw all funds from their accounts, adding that the fees for withdrawal had been cancelled.

Belarusian Presence

RoboForex established its presence in Belarus in April 2019 after the National Bank of the Republic of Belarus granted it a license to operate in the country.

The establishment of the Belarusian brand was an addition to RoboForex, which operates other brands in the Caribbean country Belize as well as Cyprus.

“Receiving the license of the National Bank of the Republic of Belarus is a very important step of our expansion in the Commonwealth of Independent States (CIS) countries,” Andrei Dziarnovich, the CEO at RoboForex Belarus, noted.

In May of 2019, RoboForex was admitted as a member of the Belarusian Financial Market Development Association (ARFIN), joining companies such as Alpari, ForexClub and Capital.com that were operating in Belarus' OTC forex market.

Dziarnovich had said the broker’s membership of the association was driven by its “intentions to provide quality and competitive services on global financial markets.”

Meanwhile, RoboForex recently launched a new global promotion worth $1.2 million for its clients and partners.

The company said the promotion is part of the activities to celebrate the 12th year of the company’s founding.

The global promotion kicked off in July and will run until April next year.