Exclusive FNG… FNG has learned that Tallinn, Estonia-based Admirals Retail FX and CFD broker has stopped onboarding EU clients. Admirals serves EU clients through its Cyprus-based subsidiary Admirals Europe Ltd, licensed by CySEC.
In a note at the top of its website (when accessed from the EU), Admirals now states that:
Please note that new customer registration is currently unavailable. For existing customers who have completed the onboarding process, trading or investment activities are not affected. Thank you for your understanding.
According to the company, the stop on boarding is both temporary and voluntary, to better comply with modern regulatory standards in the European Union. The company told FNG that its decision underscores Admirals’ commitment to comply and adapt to evolving regulatory standards, while maintaining uninterrupted service to its existing European clientele.
The move comes after Admirals posted a €10m loss for 2023 as revenue fell 41%. Admirals has also just completed a top management overhaul, with long-time CEO Sergei Bogatenkov and the company’s Cyprus CEO Andreas Ioannou both leaving the company, with Admirals founder Alexander Tsikhilov to take over as CEO.
Admirals appears to continue to take customers to other group entities outside the EU.
Admirals CEO and co-founder Alexander Tsikhilov said in a statement to FNG,
“We are temporarily suspending boarding for Admirals Europe Ltd. This decision is related to our efforts to comply and adapt to the recommendations of the regulator CySEC and only affects our operations in EU countries. Our current customer base in Europe remains intact and we will continue to ensure stable access for customers us in our products and services”.
Chikilov further explained,
“Working in an industry where change is the norm, we understand the importance of being flexible and proactive in our management and strategic development approaches. We therefore have a moral obligation to act in accordance with this decision and with respect for the environment in which we operate.”
Admirals said it is actively working to implement the necessary changes to its processes and products to achieve full compliance with regulatory standards. In close cooperation with CySEC, Admirals said it aims not only to attract new customers again, but also to strengthen its position in the market as a responsible and reliable partner.
Admirals added that it remains committed to its goal of providing excellent service to its customers while complying with regulatory requirements and looks forward to resuming its full range of operations in the EU.