AvaTrade has closed its office in Spain.
A source close to the matter told TradeInformer the CFD broker has shuttered its branch in Madrid.
That comes as we broke the news earlier today that the firm is making cuts to headcount globally.
Teams in regions including Latin America and Poland have also been impacted, we understand.
Part of the reason could be the strict restrictions the Spanish financial regulator put in place on CFDs in 2023.
They banned “any form of advertising of the general trading of CFDs is prohibited”,
AvaTrade’s wider job cuts also come amid a tough time for the sector more broadly.
Firms including Tradu and eToro have also recently made cuts to staff, while two brokers – SquaredFinancial and HTFX – handed back their Cypriot regulatory licences.
