Admirals Halts EU Client Onboarding, Ensures Compliance

Admirals halts EU client onboarding, prioritizing compliance. Stay tuned for updates on the resumption of services.

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Admirals halts EU client onboarding within the European Union through its Cyprus-based subsidiary, Admirals Europe Ltd., signifying a significant pause. The decision, conveyed via a prominent notice on its website, affects prospective registrations while assuring existing clients of uninterrupted trading and investment activities.

This temporary halt, initiated voluntarily by Admirals, is aimed at reinforcing compliance with the ever-evolving regulatory standards within the European Union. The company underscores its unwavering commitment to adaptability and regulatory adherence. Admirals recently disclosed a significant setback, reporting a loss of €10 million for the fiscal year 2023, accompanied by a notable 41% decline in revenues.

In response to these challenges, Admirals underwent a comprehensive restructuring of its senior management, with CEO Sergei Bogatenkov and Executive Director Andreas Ioannou both stepping down. Founder Alexander Tsikhilov has assumed the CEO position, ushering in a new era of leadership for the company.

Admirals Halts EU Client Onboarding, Ensures Compliance

Despite the pause in EU client onboarding, Admirals remains actively engaged in client acquisition efforts outside the EU. Alexander Tsikhilov reiterated the company’s steadfast commitment to its existing European clientele and emphasized its proactive approach to adapting to regulatory changes. Collaborating closely with the Cyprus Securities and Exchange Commission (CySEC), Admirals aims not only to resume new client acquisitions but also to strengthen its market position as a trustworthy and reliable partner.

Tsikhilov stressed Admirals’ ethical obligation to navigate regulatory dynamics while ensuring stable client access to its wide range of products and services. The company fully focuses on implementing necessary changes to achieve full compliance with regulatory standards. Admirals remain optimistic about the future, expressing their anticipation for the resumption of their full spectrum of operations within the EU market.

In conclusion, Admirals reaffirms its unwavering commitment to providing exceptional service to its clients amidst regulatory challenges. The company looks forward to resuming its EU operations with renewed compliance measures and remains dedicated to maintaining its reputation as a leader in the Retail FX and CFDs brokerage industry.

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