Leverate Moves to Exit Belarus's Forex Market. The Licence Is Still Active

Leverate Capital Markets, the operator of the FXPN brokerage brand, has ended its membership in Belarus's ARFIN association, which cited the completion of the firm's activities in the country. The National Bank of Belarus, however, still lists the company as an active forex licence holder, with no sign of the exit in the official register.

ARFIN said in a release that Leverate Capital Markets had been a member of the professional community and had taken part in the association's work developing the regulated OTC market. As of publication, the company still appears in the National Bank's register as holding an active licence, No. 21, and the FXPN website carries no notice of a closure or change in status.

Once the change is reflected in the register, Belarus will have five licensed forex companies remaining, marking a further contraction in a market that has drawn a large share of non-resident clients. Licence No. 21 was originally issued in March 2020 to Kimbo LLC, the local representative of Cyprus-based Leverate Financial Services, and was later folded into Leverate Capital Markets. Separately, in February 2024, the Cyprus Securities and Exchange Commission withdrew the licence of Leverate Financial Services Ltd, which had managed several brands including Basel Capital Markets, DirektBroker-FX and FXPN.