RoboForex Leaves Belarus Three Years After Being Licensed

The decision was made without explanation.

In April 2019, the broker was granted a license in the nation.

RoboForex, the Belarusian affiliate of worldwide forex broker RoboMarkets, has suspended operations in the Republic of Belarus three years after being granted a regulatory license to do so.

The broker said that it would no longer give access to non-deliverable over-the-counter (OTC) financial products to individuals and businesses in the Eastern European nation.

The decision was made in a mid-July communication to customers and partners. The reason for leaving was not given.

However, the broker asked all of its customers in the notification to terminate all open positions by the 29th of last month.

It also told them to remove all cash from their accounts and that the withdrawal fees had been waived.

RoboForex began operations in Belarus in April 2019, after the National Bank of the Republic of Belarus awarded it a license to do so.

The development of the Belarusian brand was an addition to RoboForex, which runs other companies in Belize and Cyprus.

“Receiving the National Bank of the Republic of Belarus license is a very crucial milestone in our growth in Commonwealth of Independent States (CIS) nations,” said Andrei Dziarnovich, CEO of RoboForex Belarus.

RoboForex was approved as a member of the Belarusian Financial Market Development Association (ARFIN) in May 2019, joining firms such as Alpari, ForexClub, and Capital.com who operate in Belarus' OTC forex market.

Dziarnovich said that the broker's association membership was motivated by its “intentions to deliver quality and competitive services on global financial markets.”

Meanwhile, RoboForex has announced a $1.2 million worldwide campaign for its customers and partners.

According to the firm, the offer is part of the events to commemorate the company's 12th anniversary.

The worldwide campaign began in July and will continue through April of next year.

About RoboForex

RoboForex is one of the world's fastest-growing multi-asset brokers. It was established in 2009 and has its headquarters in Belize. It provides traders with one of the greatest asset choices and trading fees in the market. It also has one of the most competitive trading environments, with traders benefiting from industry-leading protection. I investigated RoboForex to see whether their quick order execution, narrow spreads, and value-added services provide customers a competitive advantage.

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