Two brokers have stopped accepting clients in Malaysia, TradeInformer has learned.
GMI and WeTrade have both restricted access to their platforms for traders and marketing partners in the Southeast Asian country.
WeTrade does not appear to have said anything publicly about the update to its terms.
However, attempting to sign up and list your country as Malaysia leads to a piece of text that says “WeTrade is unable to provide its products or services in your area due to regulatory restrictions.”
GMI has been more open about the fact that it won’t be accepting clients in the country.
In a statement, the broker said that it will stop accepting new client and IB applications from Malaysia on September 15th.
Over the following month it will also close out positions held by Malaysian customers and return their funds.
The decision to restrict access to Malaysians is almost certainly the result of new regulations that have been introduced in the country.
These severely restrict the ability of brokers and IBs to do marketing activity in the country, with hefty fines and even prison time for people that break the rules.
