Forex4you closed its representative office in Minsk,
shrinking the number of licensed forex firms in Belarus to just six. This
closure was also accompanied by the suspension of forex4you.by website, amid
Belarus’s challenges in the forex market.
Belarusian Forex Space
According to an exclusive report by FinanceMagnatesRU, the Belarusian forex
scene has seen a substantial decline over the past year. Forex4you, part of the
E-Global Trade & Finance Group, was among the 32 firms initially licensed
when the market became regulated.
However, with Forex4you’s departure, only six brokers
remain active. This followed a broader trend of decreasing market activity,
with the number of clients dropping dramatically.
The reasons behind Forex4you’s exit remain
unexplained. Earlier this year, the company underwent a rebranding to
Markets4you, which included removing the Russian-language site and updating its
brand identity.
This move came amid reports from the National Bank of
Belarus indicating a severe downturn in the forex market’s activity. The
central bank noted a significant drop in client numbers, with transactions
decreasing by 85% from early 2023 to early 2024. Forex4you’s departure is the latest in a series
of exits, further diminishing the market’s vibrancy and raising questions about
its future stability.
Expect ongoing updates as this story evolves.
Forex4you closed its representative office in Minsk,
shrinking the number of licensed forex firms in Belarus to just six. This
closure was also accompanied by the suspension of forex4you.by website, amid
Belarus’s challenges in the forex market.
Belarusian Forex Space
According to an exclusive report by FinanceMagnatesRU, the Belarusian forex
scene has seen a substantial decline over the past year. Forex4you, part of the
E-Global Trade & Finance Group, was among the 32 firms initially licensed
when the market became regulated.
However, with Forex4you’s departure, only six brokers
remain active. This followed a broader trend of decreasing market activity,
with the number of clients dropping dramatically.
The reasons behind Forex4you’s exit remain
unexplained. Earlier this year, the company underwent a rebranding to
Markets4you, which included removing the Russian-language site and updating its
brand identity.
This move came amid reports from the National Bank of
Belarus indicating a severe downturn in the forex market’s activity. The
central bank noted a significant drop in client numbers, with transactions
decreasing by 85% from early 2023 to early 2024. Forex4you’s departure is the latest in a series
of exits, further diminishing the market’s vibrancy and raising questions about
its future stability.
Expect ongoing updates as this story evolves.
This post is originally published on FINANCEMAGNATES.
