Offshore forex and CFD broker YaMarkets has shut down operations, bringing an abrupt end to a brokerage that had focused heavily on India and other eastern markets.
Its B2B brand, YaPrime, also appears to have ceased operations, with the company’s website no longer accessible.
The broker was run from Dubai, with additional service offices in India, and was led by co-founder and chief executive Lalit Matta, previously India Country Manager at INFINOX. Matta had also held roles at ContinueFX and FXGia.
Warning Signs Preceded the Closure
In a statement posted on LinkedIn, the broker attributed the closure to worsening business conditions.
“This decision was not easy,” the broker wrote. “The changing business environment and operational challenges over time made it increasingly difficult to continue in the way we always wanted to serve our community.”
What precisely those operational challenges involve remains unclear.
The broker did not respond to requests for comment from Finance Magnates.
There were, however, signs of strain in recent months. Roughly three months ago, YaMarkets was actively seeking outside investment as part of what it described as an “ongoing rebranding and international expansion” strategy.
At the time, the company was looking for equity participation, strategic partnerships and growth capital.
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Regulatory pressure may also have played a role. In March, the UAE’s Securities and Commodities Authority added YaMarkets to its warning list.
Meanwhile, online review forums such as Trustpilot contained a growing number of complaints related to withdrawals and client fund access.
While such platforms can offer an incomplete picture – and complaints against brokers are not uncommon in the retail trading business – persistent withdrawal allegations tend to attract closer scrutiny.
The collapse may also have been linked with the recent bout of volatility in gold markets, which has placed additional strain on some brokers, forcing them to either halt gold trading or impose strict margin restrictions.
