FX brokerage firm Admirals has paused new client registrations in Europe, as per an announcement published on its website.
According to a statement released by Admirals’ CEO and co-founder, Alexander Tsikhilov, to the media: “We are temporarily suspending the onboarding for Admirals Europe Ltd. This decision is related to our efforts to comply with and adapt to the recommendations of the CySEC regulator and affects only our activities in the EU countries. Our current customer base in Europe remains intact, and we will continue to ensure stable access for our clients to our products and services.”
“Working in a field where changes are the norm, we understand the importance of being flexible and proactive in our management and strategic development approaches. We therefore have an ethical obligation to act in accordance with this decision and with respect for the environment in which we operate,” Tsikhilov added.
Admirals Group AS boasts a physical presence in 18 countries through its subsidiaries, which serve clients in over 145 countries.
Admirals revealed earlier in 2023 its intention to merge with its Estonian subsidiary, Admirals Markets AS. The anticipated completion of the merger is set for the first half of 2024. As part of this plan, the company aims to revoke the subsidiary’s investment company license in Estonia. Admirals said the decision to restructure arises from “the fundamental need and strategic decision” to expand its global presence.
The UK arm of Admirals, known as Admiral Markets UK Limited, also reported weak financial results for the latest fiscal year. The broker saw a total revenue of £6.04 million in 2022, a marginal decrease from £6.18 million the previous year. Administrative expenses rose to £6.15 million from £5.82 million a year ago. Overall, Admirals’ operating loss rose from £22,261 in 2021 to £290,778 in 2022.
Under the umbrella of the Admiral Markets group, Admiral Markets UK Limited operates a non-advisory trading platform regulated by the Financial Conduct Authority (FCA). Their primary service involves trading in CFDs and select securities. The company typically operates on a matched principal basis, offsetting all client trades with Admiral Markets AS. The company derives its primary revenue from commissions charged to Admiral Markets AS for trades executed by its clients.
