Major Currency Broker Leaves Belarus

The only representative office was closed without explanation.

The only representative office of the international brokerage company E-Global Trade & Finance Group (known as Forex4you or Markets4you) in Belarus was closed without explanation. Such a step further curtails Belarus' access to the global over-the-counter foreign exchange market, Nasha Niva writes.

The Minsk company F-EX 4You LLC, the only Belarusian branch of the international currency brokerage company E-Global Trade & Finance Group (known as Forex4you or Markets4you), has recently ceased its activities in Belarus, according to the Finance Magnates portal. The broker's official website in Belarus (forex4you.by) is no longer working, and the company's license has been removed from the register of the National Bank.

The Forex4you broker, which serves more than 2.9 million traders and 52,000 partners around the world, opened its branch in Belarus in 2021, but after the outbreak of the war, it rebranded and changed its name to Markets4you, removing the Russian language from its platform.

The reason for the closure of the Forex4you branch is not publicly known, but this was the fourth departure of licensed Forex brokers from the Belarusian market since the beginning of the year, writes Finance Magnates.

For example, the MTBankFX platform, which also ceased operations this year, complained about “the freezing of foreign securities of Belarusian investors, the impossibility or significant rise in the cost of international transfers in foreign currency, as well as the need to forcibly and urgently sell their assets.”

In the summer, the National Bank of Belarus was forced to recognize the decline of the Belarusian over-the-counter foreign exchange market, noting that since 2022 the number of Belarusian clients of licensed forex platforms has decreased significantly and now amounts to 4.6 thousand participants (at the beginning of 2023, there were 29,200 such clients).

Now there are only 6 forex brokers left in the country, providing Belarus with access to the world over-the-counter foreign exchange market (the most profitable and largest financial market in the world). Previously, 32 such companies operated in Belarus.

The Forex market (short for Foreign Exchange) is the largest international over-the-counter currency market, being the most active financial market in the world with a daily turnover of more than $10 trillion. 90% of Forex trading is provided by the largest banks and central banks of different countries.

You can support the website Charter97.org

MULTI-CURRENCY ACCOUNT FOR ASSISTANCE:

Bank's name: Bank Millennium S.A.
Address: ul. Stanislawa Zaryna, 2A, 02-593, Warszawa
IBAN: PL97116022020000000216711123
SWIFT: BIGBPLPW
Name of the account holder: Fundacja “KARTA ‘97”
Purpose/title of payment: Donation for statuary aims

You can contact us by the e-mail charter97@gmail.com