XTB Halts New Accounts in Brazil After Ending Local Partnership
XTB has suspended the opening of new accounts for residents in Brazil following the termination of its partnership with Finvest DTVM Ltda.
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As reported by Finance Magnates last week, XTB began reconsidering its entry into Brazil less than a year after securing regulatory approval. The brokerage cited protectionist measures that have complicated the operating environment for foreign firms.
XTB Pauses Account Openings
The brokerage will also deactivate the partnership website as it updates its operating model in the country.
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A notice on the website stated that the change would not affect current clients, including the security of their funds or the quality of service. No timeline for resuming new account openings has been provided.
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