FNG limited…FNG has learned that Admirals, a retail FX and CFD broker based in Tallinn, Estonia, has stopped onboarding customers within the EU. Admirals is based in Cyprus and serves her EU customers through its CySEC-licensed subsidiary Admirals Europe Ltd.
Admirals states in a note at the top of its website (when accessed from customers within the EU):
Please note that we are currently not accepting new customer registrations. For existing customers who have completed the onboarding process, their trading and investment activities will not be affected. thank you for understanding.
According to the company, the onboarding suspension is temporary and voluntary in nature and is intended to strengthen compliance with the latest European Union regulatory standards. The company emphasized to FNG that the decision underscores Admirals’ commitment to compliance and adaptation to evolving regulatory standards while maintaining uninterrupted service to existing customers in Europe.
The move comes after Admirals posted a 41% decline in revenue and a €10 million loss in 2023. Admirals has also just completed a senior management review, with long-time CEO Sergei Bogatenkov and the company’s Cyprus managing director Andreas Ioannou stepping down, and Admirals founder Alexander Tsikilov taking over as CEO. took over the position of
Admirals appears to be continuing to onboard customers from other group companies outside the EU.
Admirals CEO and co-founder Alexander Tsikilov said in a statement to FNG:
“We are temporarily suspending onboarding of Admirals Europe Ltd. This decision relates to our efforts to comply with and adapt to CySEC regulatory authority recommendations and Our current customer base in Europe remains intact and we remain committed to providing our customers with stable access to our products and services. ”
Chikilov further explained:
“Working in a sector where change is the norm, we understand the importance of being flexible and proactive in our management and strategic development approaches. We have an ethical obligation to act in a way that respects 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. Admirals said it aims to work closely with CySEC not only to resume acquiring new customers, but also to strengthen its position in the market as a responsible and reliable partner.
Admirals remains committed to its goal of providing excellent service to customers while circumventing regulatory requirements, and added that it looks forward to resuming its full range of operations in the EU.
