OANDA, a forex brokerage firm, released a statement saying that it intends to leave Malta to concentrate its European activities under a single regulated entity in Poland. The company registered in Malta in June 2020.
The firm operated from Malta under its subsidiary OANDA Europe Markets Ltd and plans on closing operations under its Maltese license from 17th March 2023. Since to the announcement, the company stopped onboarding new clients under its Malta-based entity.
OANDA is a financial services provider founded in 1996, which provides currency exchange and online trading services such as forex and cryptocurrency.
“Under this reorganisation, which reflects OANDA’s emphasis on enabling smarter trading for clients, active traders in Europe will be able to gain access to the broader TMS product offering, which includes a wider range of asset classes and a cutting-edge platform integrated with MT5,” read the company’s statement.
This is the second multinational company to have taken steps to leave Malta in just as many months in 2023. In January 2023, Media and Gaming Invest SE completed its relocation from Malta to Sweden, citing the FATF greylisting as one of the reasons.
However, OANDA did not mention any issues with Malta as a regulatory environment and emphasised that this was a matter of consolidating its European operations.
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