Belarusian c.bank blocks access to local LiteForex, Weltrade sites; RoboForex.by shuts down

Belarusian c.bank blocks access to local LiteForex, Weltrade sites; RoboForex.by shuts down

- in All News, Regulation
Belarus NBRB

The Belarusian National Bank and the Ministry of trade have blocked the user access to the local websites of the forex brokers LiteForex (www.liteforex.by) and Weltrade (by.weltrade.com), while the site RoboForex.by has been down for a while, reports the Russian-language site Finance Magnates.

At the same time the Belarusian site of another forex broker – MTrading (by.mtrading.com) redirects to the Russian site – ru.mtrading.com.

Representatives of Weltrade, which still has not applied for a Belarusian license and has recently left the local self-regulatory organization ARFIN, told Finance Magnates that its Belarusian clients can use the company’s Russian site to access their accounts, while the broker assesses the situation in the country and whether it is worthwhile applying for a license.

According to the current forex regulation of Belarus, which came into effect in March, the applicants for a forex license must be legal entities registered in Belarus, having capital of at least 2 billion Belarusian rubles (around $93 000) and included in the National bank’s forex companies register. They must also keep no less than half of its clients’ funds in segregated accounts in local banks, use software certified by the National Forex Center, be included in the National Forex Center’s list of forex brokers, participate in a guarantee fund, etc.

So far four forex brokers have licenses from the Belarusian central bank: Open Investments and Forex Club got theirs in April and Teletrade and FTM Brokers – in May.

We remind you that the eventual blocking of the access to websites of forex brokers who do not have local licenses in Russia has also been discussed by the country’s Duma, but is still in the works.

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