Belarusian retail broker MTBankFX plans to close its global investment operations from June 1, 2024.
MTBankFX is the first bank investment platform in Belarus, created by MTBank in cooperation with Swiss Dukascopy Bank (one of the world's largest banks providing foreign exchange brokerage business).
MTBankFX’s decision to close the platform comes at a time when investors in Belarus are facing multiple challenges. According to a report by the British government in February 2024, consumer confidence and the business and investment environment have been severely affected by the political crisis and remain weak. The World Bank predicts that Belarus' GDP growth will slow to 0.8% in 2024-2025.
Last month, UK-based online currency pair and CFD trading solutions provider Fortrade Ltd. was removed from Belarus’ regulatory registration list.
MTBankFX recommends that customers close existing positions at fair market value before May 30, 2024. The broker will terminate the position opening service on April 15, 2024. For clients who wish to continue using OTC financial products, MTBankFX is looking for other Belarusian financial companies for them.
