Admirals, a global trading and investment servicesprovider, is once again accepting new clients in the European Union following atemporary pause earlier in 2024.
The company halted EU onboarding to refine itscompliance framework in line with evolving financial regulations. With theseenhancements now in place, the company mentioned that it is resumingoperations, aiming to boost its market position while maintaining uninterruptedservice for existing clients.
Regulatory Adjustments Drive the Onboarding Pause
The temporary halt in new EU registrations involvedAdmirals’ efforts to strengthen its compliance measures. According to theannouncement sent to Finance Magnates, the company used this period to ensurethat its operations aligned with industry standards.
“This decision is related to our efforts tocomply with and adapt to the recommendations of the CySEC regulator and affectsonly our activities in the EU countries. Our current customer base in Europeremains intact, and we will continue to ensure stable access for our clients toour products and services,” said Admirals’ CEO and Co-Founder AlexanderTsikhilov.
The company has reportedly worked closely with theCyprus Securities and Exchange Commission (CySEC) to ensure full compliancewith regulatory requirements. This collaboration highlights Admirals’dedication to maintaining a strong and transparent market presence.
“Admirals is resuming all onboarding activitiesin the EU, as the level of service to existing clients has not changed. Thiscommitment is in alignment with industry trends, where financial technology isbecoming pivotal in transforming and optimizing traders’ customizable journeyin the global markets,” the company mentioned.
Other Changes in Admirals’ Global Operations
Last year, Admirals made a significant change to its global operations after selling its Australian unit. According to the firm, the move aimed to “optimize its geographic focus.” Additionally, the brokerage firm mentioned that it had entered into an agreement with a “non-related party” for the sale.
Notably, Admirals Group AS posted a net loss of 1.6 million euros for the fiscal year 2024, a substantial improvement compared to9.7 million euro loss in 2023. The firm’s operations, however declined, with thenumber of active clients dropping by 52% to 43,332. Net trading income for theyear was 38.4 million euros, down 6% from 40.9 million in 2023.
This article was written by Jared Kirui at www.financemagnates.com.
