Leverate Capital Markets is withdrawing from Belarus’s forex market after ending its membership in the country’s ARFIN industry association, which announced the completion of Leverate’s business activities there. The firm operates the FXPN brokerage brand and holds licence number 21 in Belarus. However, the National Bank of Belarus still lists Leverate as an active licence holder with no official record of the exit yet posted in the regulatory register.
Once formalized, Belarus will drop to just five licensed forex companies, marking another contraction in a market that has historically attracted significant non-resident trading volumes. Leverate’s licence dates to March 2020 when it was issued to Kimbo LLC, which later merged into the Israel-based Leverate Capital Markets. The development follows last year’s licence withdrawal by Cyprus regulators from Leverate Financial Services, the Cyprus entity that managed multiple trading brands including FXPN.
FXnCO Insight
Traders using FXPN through Belarus should immediately verify account status and prepare contingency plans as regulatory records haven’t caught up with the announced exit.
Source: Finance Magnates