Leverate Capital Markets has ended its membership in Belarus's ARFIN association, which cited the completion of the firm's activities in the country. The National Bank of Belarus, however, still lists the company as an active forex licence holder, with no sign of the exit in the official register.Belarus's Licensed Roster is Set to Shrink to FiveThe Belarusian association ARFIN said today that Leverate Capital Markets, operator of the FXPN brokerage brand, withdrew from the organisation following the wind-down of its business in the country.ARFIN said in a release that Leverate Capital Markets had been a member of the professional community and had taken part in the association's work developing the regulated OTC market. As of publication, though, Leverate Capital Markets still appears in the National Bank of Belarus's register as a forex company holding an active licence, No. 21, and the FXPN website, fxpn.by, carries no notice of a closure or change in status.Once the change is reflected in the register, Belarus will have five licensed forex companies remaining. This is a further step in the contraction of a market that has drawn a large share of non-resident clients over the years.The Licence Has Passed through One Merger AlreadyLicence No. 21 was issued in March 2020 to Kimbo LLC, at the time the local representative of Cyprus-based Leverate Financial Services and its FXPN brand.Kimbo joined ARFIN in January 2021 and was later folded into Leverate Capital Markets, the Israel-headquartered Leverate entity that now holds the licence. Separately, in February 2024, the Cyprus Securities and Exchange Commission withdrew the licence of Leverate Financial Services Ltd, which had managed several brands including Basel Capital Markets, DirektBroker-FX and FXPN.This article was written by Tanya Chepkova at www.financemagnates.com.