RoboMarkets’ subsidiary in Belarus, RoboForex, has announced the cancellation of its operation in the country. This decision is coming three years after receiving a license to operate there. According to the announcement, the brokerage firm noted that it has stopped providing access to over-the-counter (OTC) non-deliverable financial instruments to businesses and individuals in Belarus.

No Reason Was Stated For The Decision

The firm sent the notification to its partners and clients last month but didn’t state why it is closing shop. In line with the notification, RoboForex informed its clients to close all open positions on the 29th of last month.

It also advised them to pull out all the funds they have in their accounts, but withdrawal fees will not be charged for such withdrawals.

RoboForex entered the Belarusian market in April 2019 after the broker received a regulatory license in the country. Apart from establishing itself in Belarus, the company also has other operations in Cyprus and the Caribbean country Belize.

While commenting on the development, Chief Executive Officer of RoboForex Belarus Andrei Dziarnovich, stated that the license was an important step for its expansion in the region. RoboForex is also engaged in other activities that will enable the company to become more visible across the Asian region. But it’s not clear why the firm decided to pull out from Belarus.

RoboForex Mark 12th Anniversary With Promotional Campaign

In May 2019 the Belarusian Financial Market Development Association (ARFIN) admitted RoboForex as a member. The firm joined other companies like Capita.com, ForexClub, and Alpari that were operating in the OTC forex market in Belarus.

At the time, Dziarnovich stated that the firm’s membership was driven by its goal of providing competitive and quality services in global financial markets. He added that the membership of the association has enabled the firm to gain more acceptance as a recognized brokerage firm in the region.

In the meantime, RoboForex recently rolled out a promotional campaign that promises to give up to $1.2 million as awards and benefits to its partners and clients. The firm noted that the promotion will mark its 12th year of existence as a brokerage firm.  The campaign kicked off last month and will run until April next year.