REGULATIONS
CURRENCY
The Finance Magnates article titled "FX Brokers' Exodus from Belarus Continues: Licence of Fortrade Revoked" provides an in-depth examination of the situation surrounding the revocation of the operating licence of Fortrade in Belarus. The article highlights that Fortrade, a prominent retail broker, lost its authorization in Belarus after five and a half years of operation, as indicated in the country’s regulatory registry. Notably, Fortrade had become a local market leader in 2020 in terms of open positions and trading volumes. This development leaves Belarus with only nine operational over-the-counter (OTC) forex market participants, not including OpenFX, which ceased operations but is still registered.
The article further explores the broader context of the forex market in Belarus. It discusses how Belarus was once considered a potential financial hub in Eastern Europe but failed to realize this potential due to its authoritarian governance. The ongoing Russia-Ukraine war and the subsequent western sanctions imposed on Belarus for its ties with Russia have led to a significant impact on the forex market in the country. Several international brokers, including Robo Forex and Saxo Bank, as well as digital asset trading provider EXMO.com, have ceased operations in Belarus.
Additionally, the article sheds light on the global operations of Fortrade. Established in 2013, Fortrade offers forex and contracts for differences (CFDs) trading services globally, with authorizations from regulators in the UK, Canada, Australia, Cyprus, and Mauritius. Despite a 14.1 percent increase in revenue in the fiscal year 2022, the company saw a decline in profits.
The specific reasons behind the revocation of Fortrade's licence in Belarus remain unclear, and attempts to reach Fortrade for clarification had not yielded any response at the time of the article's publication.
For more detailed information, you can refer to the original articles on Finance Magnates and Fazzaco.
