The online retail brokerage company Alpari is closing down its subsidiary in Belize, Finance Magnates Russia reported exclusively. The move comes amid a strategic optimization effort on the part of the brokerage.
The firm has been operating the Belize subsidiary for a number of years but is preparing to move its clients to its Saint Vincent and Grenadines subsidiary.
Alpari shared with its clients the news in an email. The brokerage is providing a set of options to its customers to get their account transferred. As seen by Finance Magnates, the letter states that customers can agree to a transfer of their personal data to Alpari Limited VC.
Alternatively, customers can also decline the transfer of their information but will have to close their accounts by the 31st of December 2018. All of the positions of the customers will be closed automatically by that date, and their funds will be transferred back to their funding method.
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Letter to Clients and Commentary
The text of the letter which Alpari sent to its clients states that the terms of conditions will remain the same after the transfer. The company which is based in Belize is called Alpari Limited, Belize.
Commenting to Finance Magnates Russia exclusively, a company spokesperson said: “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.”
According to the company’s official statement, the number of clients affected by the decision is relatively small. The open positions of clients who choose to migrate their accounts will be transferred.
Earlier this year in May, the company reshuffled its management team. At the time, the acting CEO of FXTM Olga Rybalkina became a minority shareholder in both brands. Vladimir Verbitskiy got appointed as CEO of Alpari, and Nicholas Defteras of FXTM.