Forex Broker Fortrade's Belarusian License Revoked

Fazzaco learned that Fortrade Ltd., United Kingdom-based online Forex and CFD trading solutions provider, has been removed from the Republic of Belarus' regulatory register.

Fortrade operates in Belarus through its local unit, LLC Fort Securities BLR, which secured the local authorization five and a half years ago.

The reason behind the withdrawal remains unclear. 

Established in 2013, the Fortrade brand currently offer trading services with authorizations from regulators in the United Kingdom, Canada, Australia, Cyprus, and Mauritius. 

In October, Fortrade unveiled its revenue for the financial year of 2022​ at £32.3 million,  climbing around 14.1 percent on a yearly basis. Profit for the fiscal year, however, experienced a decline to £823,782, down 23.3 percent.

Previously, Fazzaco reported a wave of financial firms have exited Belarus, including brokerage Saxo Bank, crypto trading services provider EXMO.com, Bloomberg LP and payment service provider Western Union.