Exclusive: Admirals halts onboarding of clients in the EU

FNG Exclusive… FNG has learned that Tallinn, Estonia based Retail FX and CFDs broker Admirals has stopped onboarding clients in the EU. Admirals serves EU clients via Cyprus based, CySEC licensed subsidiary Admirals Europe Ltd.

In a note on the top of its website (when accessed from clients in the EU), Admirals now states that:

Please note that registration of new clients is presently unavailable. For existing clients who have completed the onboarding procedure, trading or investing activities are not affected. Thank you for your understanding.

According to the company, the onboarding halt is both temporary and voluntarily in nature, to better comply with modern regulatory standards in the European Union. The company emphasized to FNG that its decision underscores Admirals’ commitment to compliance and adaptation to evolving regulatory standards, while maintaining uninterrupted service to its existing European clientele.

The move comes after Admirals posted a €10 million loss for 2023, as Revenues declined by 41%. Admirals also just completed an overhaul of its senior management ranks, with longtime CEO Sergei Bogatenkov and the company’s Executive Director in Cyprus, Andreas Ioannou, both leaving the company, with Admirals founder Alexander Tsikhilov taking over the CEO role.

Admirals appears to be continuing to onboard clients in other group entities outside the EU.

Admirals’ CEO and Co-founder Alexander Tsikhilov said in a statement to FNG,

“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.”

Tsikhilov further explained,

“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.”

Admirals said it is actively working to implement necessary changes to its processes and products to achieve full compliance with regulatory standards. Collaborating closely with CySEC, Admirals said it aims not only to resume attracting new clients, but also to strengthen its position in the market as a responsible and reliable partner.

Admirals added that it remains committed to its aim to provide exceptional service to its clients while navigating regulatory requirements and looks forward to resuming its full spectrum of operations in the EU.