OANDA, a forex brokerage firm, intends to leave Malta and concentrate its activities in Europe under a single regulated entity, namely a company established in Warsaw, Poland.
The broker has set March 17, 2023, as the scheduled end date for its activities under the Maltese license, which operate under the brand name OANDA Europe Markets Ltd (“OEML”). Clients of OEML will be moved to OANDA TMS, which is regulated by the Polish Financial Supervision Authority.
OANDA purchased the Polish broker Dom Maklerski TMS Brokers SA, or TMS Brokers, in 2020 to expand into the Baltic nations. TMS was founded in 1997 and is the oldest and second-largest local Polish brokerage. It is regulated by the KNF and has access to markets in the European Union.
OANDA established itself in Malta three years ago as it ramped up its preparations for the United Kingdom’s withdrawal from the European Union. The multi-regulated broker obtained regulatory authorization in Malta for its European subsidiary. At the time, OANDA offered customers of its UK subsidiary, OANDA Europe Limited (OEL), the choice of being transferred to its Maltese company or opting out and remaining with the FCA-regulated business.
“At OANDA, we are dedicated to offering the greatest quality pricing, execution, and service to our customers, and we will make every effort to ensure that any changes in our operations are done in the least disruptive manner possible for our clients. All customers have been advised of their choices with reference to their current OEML trading accounts. ”We will define the firm’s strategy by establishing the OANDA brand on the pillars of TMS’ multi-asset offering and cutting-edge tech stack to drive company development and better assist customers throughout Europe, the broker said.
OANDA is a multi-regulated broker having locations in Toronto, Europe, and Asia Pacific. The firm has an FX trading platform that is used by both individual and institutional clients. Furthermore, it offers currency information to individuals, major organizations, and portfolio managers.