Admirals Stops EU Client Registration Due to Regulatory Changes
Admirals has stopped accepting clients in the European Union to meet new regulatory standards set by CySEC.
In recent forex broker news, forex broker Admirals has announced a temporary suspension on registration of new clients in the EU, citing the need to comply with CySEC's new regulatory standards. This pause will allow the company to focus on aligning with modern regulatory requirements.
CEO and co-founder of Admirals forex broker, Alexander Tsikhilov, assured existing clients that this decision will not disrupt their access to the platform or available products. “Working in this industry means being ready to face change. We understand the importance of simplicity and flexibility in our strategic management and development approach. "We have an ethical obligation to act in accordance with this decision and respect the environment in which we operate," Tsikhilov said.
Last year, Admirals, known for its swap-free service, announced a restructuring plan by merging its Estonian subsidiary. This strategic move, which is expected to be completed in the first half of 2024, aims to support geographic expansion and strengthen the company's global presence.
On the other hand, Admirals' UK subsidiary faced some financial challenges in 2022, with sales turnover down 2.2% to £6.04 million and operating loss of £102,912 due to additional operating costs of £6.14 million.
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