Admirals Stops Onboarding New EU Clients as Broker Enhances Compliance

BySamson Ononeme

Apr 4, 2024 ,
The retail broker Admirals has voluntarily suspended new client onboarding for its EU operations while implementing changes required to fully align its practices with CySEC's latest regulatory expectations.

Key Insights

  • Admirals has temporarily halted onboarding new clients in the EU through its CySEC-regulated Cyprus subsidiary
  • The voluntary move aims to enhance compliance with evolving regulatory standards in the EU
  • Admirals stated the suspension does not impact its existing EU client base

TALLINN (MarketsXplora) – Admirals Markets, an Estonia-based retail forex and CFDs broker, has temporarily stopped accepting new clients in the European Union as it works to enhance compliance with evolving regulatory standards in the region, the company told MarketsXplora.

The onboarding suspension applies to Admirals’ EU operations served through its Cyprus-based, CySEC-licensed subsidiary Admirals Europe Ltd. A notice on the broker’s website states: “The unboarding of new clients has been temporarily suspended.”

Admirals, an Estonia-based retail forex and CFDs broker, has temporarily halted onboarding new clients in the EU through its CySEC-regulated Cyprus subsidiary.

Admirals emphasized that the measure is voluntary and intended to better align its practices with modern EU regulatory norms. Existing European clients remain unaffected and able to continue trading and investing activities.

“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,” said Alexander Tsikhilov, Admirals’ CEO and co-founder.

The move comes after a challenging 2023 for Admirals, which posted a €10 million loss as revenues declined 41%. The broker also recently overhauled its senior leadership, with long-serving CEO Sergei Bogatenkov and its executive director in Cyprus, Andreas Ioannou, departing.

Tsikhilov, who founded Admirals, has taken over as chief executive and told Reuters the onboarding halt underscores the company’s “ethical obligation” to operate in compliance with regulatory expectations.

“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,” Tsikhilov said.

Admirals said it is collaborating closely with CySEC to implement required changes to its processes and offerings to achieve full regulatory conformity. The aim is not only to eventually resume client acquisition but to reinforce Admirals’ position as a “responsible and reliable” market participant.

Read also! Beware of fake Admiral Markets, says UK financial watchdog

While navigating regulatory requirements in the EU, Admirals said it remains committed to delivering an exceptional service experience to its pan-European client base.

The broker continues to onboard new clients through group entities outside the EU during the temporary suspension period affecting its European operations, a company spokesperson confirmed.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, he captivates readers with captivating storytelling and delivers insightful market analysis.

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