Fortrade Belarus Forex Authorization Revoked

Fortrade has seen its authorization revoked in the Republic of Belarus, marking a significant shift in the country’s over-the-counter (OTC) forex market landscape. The regulatory registry reveals that Belarus now only has nine operational FX OTC participants.

Fortrade, headquartered in London, operated in Belarus through its locally formed subsidiary, LLC Fort Securities BLR. The subsidiary gained local authorization in April 2018 and rose to become the local market leader in 2020 in terms of open positions and trading volumes.

Despite its success, the Belarusian regulatory authorities have removed Fortrade’s name from the register without providing a clear explanation for the decision. Interestingly, the non-Belarusian version of Fortrade’s website still indicates active authorization in Belarus. Finance Magnates sought clarification from Fortrade but received no comment at the time of reporting.

Fortrade Faces Belarus Forex Setback: Authorization Revoked, Market Left with Nine OTC Players

Established in 2013, the Fortrade brand offers forex and contracts for differences (CFDs) trading services globally, holding licenses from regulators in the United Kingdom, Canada, Australia, Cyprus, and Mauritius. In the fiscal year 2022, the group reported a 14.1 percent increase in revenue to £32.3 million, accompanied by a decline in profits.

Belarus, once considered a potential financial hub in Eastern Europe, has faced challenges in recent years. The authoritarian regime’s unfulfilled promises, coupled with Western sanctions due to ties with Russia, have contributed to a rapid decline in its markets. Last year alone, seven participants exited the Belarusian OTC Forex market.

The Russia-Ukraine war has further intensified the situation, with Western sanctions prompting international brokers like Robo Forex and Saxo Bank to cease operations in Belarus. Additionally, EXMO.com, a digital asset trading provider, exited both Russia and Belarus after selling its local businesses.

Fortrade’s loss of authorization adds to the growing list of departures, bringing the total number of licensed OTC forex participants in Belarus to nine. Notably, this figure excludes OpenFX, which, although no longer operational, remains registered in the country. Since the introduction of the legal framework for OTC forex, Belarus initially authorized 32 companies. However, 23 of these companies have departed over the years for various reasons, leaving a transformed landscape in the country’s forex market.

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