Leverate Capital Markets Belarus is withdrawing from the country’s regulated forex market, but the exit is incomplete: the firm’s membership of ARFIN, the Belarusian forex industry association, has ended, yet its licence with the National Bank of the Republic of Belarus remains formally active.
ARFIN confirmed in a release that Leverate Capital Markets, operator of the FXPN brokerage brand, had withdrawn from the association following the wind-down of its business in Belarus. The association noted that the firm had taken part in work to develop the regulated over-the-counter market during its membership.
Leverate Capital Markets Belarus Licence Remains Active
As of 4 August 2026, Leverate Capital Markets still appears as an active entity in the NBRB official forex register, holding licence No. 21, with no removal recorded. The FXPN website, fxpn.by, carries no notice of closure or change in status.
The gap between the ARFIN announcement and the official register reflects how regulatory exits often work: an industry body can remove a firm from its rolls immediately, but the central bank’s register updates separately and on its own schedule. Until the National Bank removes the licence, Leverate Capital Markets formally remains a licensed forex operator in Belarus.
Once the register is updated, Belarus will be left with five licensed forex companies. That is a further reduction in a market that has contracted steadily in recent years and has historically attracted a disproportionate share of non-resident clients.
For retail investors considering offshore brokers, the Belarusian framework does impose some protections. Licensed operators must maintain a minimum charter capital of BYN 2 million (approximately USD 600,000), hold membership in a Guarantee Fund to protect client funds, segregate client accounts, and use state-controlled trading platforms such as the Belarusian Currency and Stock Exchange, according to a regulatory overview published by ForexCashbackRebate. The same framework permits leverage of up to 100:1 for most instruments, with lower limits applying to riskier products.
A Shrinking Market and a Cyprus Postscript
Licence No. 21 has a history of its own. It was issued in March 2020 to Kimbo LLC, then the local representative of Cyprus-based Leverate Financial Services and its FXPN brand. Kimbo joined ARFIN in January 2021 and was later absorbed into Leverate Capital Markets, the Israel-headquartered entity that has held the licence since.
The corporate chain connecting Belarus to Cyprus is now largely severed. In February 2024, the Cyprus Securities and Exchange Commission (CySEC) withdrew the Cyprus Investment Firm (CIF) authorisation of Leverate Financial Services Ltd, the entity that had previously managed several brands including FXPN, Basel Capital Markets, and DirektBroker-FX.
According to CySEC’s official decision, the board announced the withdrawal on 8 February 2024 and imposed a €50,000 penalty in connection with the matter. The withdrawal was at least partly the result of Leverate Financial Services choosing to expressly renounce its own authorisation; the firm had held CIF licence number 160/11, as reported by FX News Group.
That earlier Cyprus exit did not, by itself, end the Belarus chapter. The Belarusian licence passed through the Kimbo-to-Leverate Capital Markets merger and survived the CySEC action because it sits with a different legal entity in a different jurisdiction. What appears to be closing now is the last remaining thread of that structure.
The practical question for anyone monitoring the space is when the NBRB register will reflect the departure. Until that update appears, Leverate Capital Markets Belarus technically retains its authorisation, regardless of ARFIN’s announcement. The register page is the one to watch.
