Fortrade Lost its Belarus License

Fortrade, a retail broker based in London, recently lost its authorization in Belarus, five and a half years after initially receiving it. This update came from the regulatory registry of the Republic of Belarus. Fortrade had operated in Belarus through its local subsidiary, LLC Fort Securities BLR, gaining authorization in April 2018 and emerging as a market leader by 2020 in terms of open positions and trading volumes.

The removal of Fortrade's operator name from the Belarusian register has raised questions, as the exact reason behind this action remains undisclosed. Intriguingly, the international version of their website still lists Belarus authorization as active. According to Finance Magnates, to date, no comments were provided by Fortrade regarding this matter.

Established in 2013, the Fortrade brand extends forex and contracts for differences (CFDs) trading services globally, holding authorizations from regulators in several countries, including the United Kingdom, Canada, Australia, Cyprus, and Mauritius. However, despite a 14.1 percent revenue increase to £32.3 million in the fiscal year 2022, the group experienced a decline in profits.

Belarus was once envisioned as an emerging financial centre in Eastern Europe, but its market continued to dwindle, failing to meet initial promises. Over the past year, the Belarusian over-the-counter Forex market witnessed the departure of seven participants amid the ongoing Russia-Ukraine conflict. Western sanctions on Belarus due to its ties with Russia have further compelled international players like Robo Forex, Saxo Bank, and EXMO.com to cease operations in the country.

Presently, Belarus hosts nine licensed OTC forex participants after Fortrade lost its license, excluding OpenFX, which ceased operations but remains registered. Since implementing regulations for OTC forex, Belarus has granted authorization to 32 companies. However, 23 of these entities have departed from the country for various reasons over time.