Belarusian Broker MTBankFX to Cease Operations

Fazzaco learned that the Belarusian retail broker MTBankFX plans to end its global investment operation, with effect from June 1, 2024.

MTBankFX is the first banking investment platform in Belarus, created by MTBank in partnership with Swiss Dukascopy Bank SA (one of the largest Forex broker banks in the world). 

The decision to shut down comes at a time when investors in Belarus are faced with multiple challenges. According to a report by the UK government in February 2024, consumer confidence, as well as the business and investment climate, have suffered severely because of the political crisis and remain weak. The World Bank forecasts a slowdown in Belarus' GDP growth rate in 2024-2025 to 0.8%.

Last month, Fazzaco reported that Fortrade Ltd.​, UK-based online Forex and CFD trading solutions provider, has been removed from Belarus' regulatory register.

MTBankFX advised clients to close their existing positions at fair market value by May 30, 2024. The broker will terminate position opening service as of April 15, 2024. Regarding clients seeking to continue their operations with OTC financial instruments, MTBankFX is exploring alternative Belarusian financial firms.