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Belize-based retail forex broker Gerchik & Co. said it has decided to exit the Belarusian market and to terminate the activities of its local unit.
“To the adoption of this decision, we were led by the radical change in legal conditions of the activities of forex brokers, introduced by the local regulator after the establishment and licensing of a legal entity in the Republic of Belarus,” the broker said in a statement. “Such conditions completely contradict the chosen scheme of rendering services, based on the STP-model.”
The broker hinted it is to obtain authorization under another European legislation, but it did not disclose details.
“As previously announced, our group of companies has replenished with the GTMFX forex broker (Vanuatu) and soon the customers will have an opportunity to work with a new brokerage company licensed in the EU,” Gerchik & Co. noted.
Gerchik & Co. is one of six entities registered in Belarus as forex service providers. In Belarus, acquiring a registration with the central bank is the equivalent to acquiring an authorization or a license in other countries. The broker also passed the necessary software-related requirements to do business in the country.
The Belarusian Currency Stock Exchange (BCSE) said on Thursday the local arm of Belize-based forex broker Gerchik & Co. is ready to commence order execution on the over-the-counter (OTC) forex market in the country since the broker has successfully passed all software-related requirements set by the National Bank of the Republic of Belarus (NBRB).
Gerchik & Co. was set up in January 2015 in Belize by Russia’s Alexander Gerchik. The broker is licensed by the Belize’s International Financial Services Commission (IFSC). It holds A-category membership with the Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization.
Although based in Belize, Gerchik & Co. is predominantly focused on Russian-speaking markets.