GMO-Z.com Trade UK Is Shutting down Due to Low Profitability

GMO Financial Holdings, a Forex services provider for institutional clients, is closing its UK spot Forex services business, GMO-Z.com Trade UK Limited (GMO-Z.com), as a result of the branch’s low profitability.

According to the recent financial report for the year ended December 31, 2022, GMO-Z.com experienced a loss before tax of £809,532, compared to £1,143,234 in 2021. Revenue for 2022 grew 36% to £569,448, with net revenue up 39% to £216,637.

In October last year, Fazzaco reported that GMO-Z.com was supposed to be sold to 26 Degrees​, a Sydney-based leading multi-asset broker (formerly known as Invast Global). The UK Financial Conduct Authority (FCA), however, declined the application for the acquisition.

GMO-Z.com will carry out its cancellation of permission with the FCA promptly and process the dissolution of the company. "This will be done with utmost care to ensure that there is no detrimental effect on the firm's stakeholders," added the UK entity.

In late 2021, Fazzaco reported GMO-Z.com has made an application​ to have its FCA license cancelled.