Offshore forex and CFD broker YaMarkets has shut down operations, ending a brokerage that had focused heavily on India and other eastern markets. Its B2B brand, YaPrime, also appears to have ceased operations, with the company's website no longer accessible.
The broker was run from Dubai, with additional service offices in India, and was led by co-founder and chief executive Lalit Matta. Matta previously served as India Country Manager at INFINOX and held roles at ContinueFX and FXGia. In a statement posted on LinkedIn, YaMarkets attributed the closure to deteriorating business conditions and mounting operational challenges.
"This decision was not easy," the broker wrote in its LinkedIn statement. "The changing business environment and operational challenges over time made it increasingly difficult to continue in the way we always wanted to serve our community." The announcement marks an abrupt end to a business that had been seeking to expand beyond its core markets.
Recent efforts to secure investment
There were indications of strain at YaMarkets in recent months. Roughly three months ago, the broker was actively seeking outside investment. At the time, the company described this initiative as part of an "ongoing rebranding and international expansion" strategy, signalling plans to broaden its market presence despite growing headwinds.
Regulatory and client pressures
Regulatory pressure may also have contributed to the firm’s closure. In March, the UAE's Securities and Commodities Authority added YaMarkets to its warning list. At the same time, online review forums such as Trustpilot showed a rising number of complaints related to withdrawals and client fund access, suggesting growing client dissatisfaction and potential liquidity or operational issues.
Market conditions and gold volatility
The collapse may also have been linked with the recent bout of volatility in gold markets. According to the source, this volatility has placed additional strain on some brokers, forcing them to either halt gold trading or impose strict margin restrictions. Such conditions are likely to have added further pressure to YaMarkets’ business model at a time when it was already facing regulatory scrutiny and funding challenges.
The combined impact of a changing business environment, regulatory warnings, client complaints over withdrawals, and heightened market volatility appears to have culminated in the shutdown of YaMarkets and its associated B2B brand, YaPrime.
