Their licence will not be renewed in the country, which obliges them to move, while the clients were given multiple options.
November 22, 2018 AtoZ Markets - In a move the company described as “strategic”, the online retail brokerage firm Alpari has decided to shut down its branch in Belize.
Over years, the company was said to have run its subsidiary in Belize, whereas it is now planning to move its clients to its affiliates in Saint Vincent and Grenadines subsidiary, as per the media.
In an email the company sent to its clients, the former announced multiple options that allow them to transfer their accounts, and gave them the option of whether to accept or decline the transfer of their personal data to Alpari LTD VC in other locations.
In case the customers opted for declining the transfer, they were notified that they have up until the 31st of December 2018, to close their accounts with the company. Otherwise, all their positions will be automatically closed by the aforementioned deadline, and their funds will be transferred back to their funding means. However, the company states that those who are affected by the decision are just a small number of clients, whose open positions will be transferred, should they opt for migrating them.
The decision was made after modifying the management board
According to the company’s notification email, the move is not supposed to change the terms and conditions agreed on by the two parties, however the company had no choice but to change its location, as its board decided not to renew the licence in Belize, as a spokesperson from the company explained.
“The international financial brokerage brand Alpari decided not to renew its license in Belize. The move is part of the new strategic direction the company adopted in 2018… We are optimizing our portfolio globally which will increase the competitiveness of both brands belonging to Andrey Dashin: Alpari and FXTM”, said the spokesperson.
The decision comes after the company had made changes in its management board last May, as per the reports, where Olga Rybalkina, the CEO of FXTM at the time, was made a minority shareholder in both brands, while Vladimir Verbitskiy succeeded her as CEO of Alpari, whereas Nicholas Defteras was appointed to FXTM.