RoboForex Quits Belarus Three Years after Licensing
- No reason was stated for the decision.The broker received a license in the country in April 2019.
- RoboForex, the Belarusian subsidiary of international forex broker 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.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.