ADS Securities (ADSS), a Forex and CFD broker based in Abu Dhabi, has decided to cease operations in the UK.
The company provided services to UK retail and institutional clients under an FCA license. Its UK subsidiary, ADS Securities London Limited, was granted an FCA license in 2012. Now, due to its withdrawal from the UK, ADSS has applied to revoke its FCA license.
The company said that the decision to cease providing services in the UK will not affect its active clients and that ADSS Group will continue to operate in other countries.
According to FNG, the company's revenues fell by 34% in 2021 following a reduction in client funds in ADSS accounts. The company has also made changes to its senior management team. In particular, ADSS UK CEO Paul Webb and Head of Front Office Michael Taylor left the company.
In 2022, ADSS attempted to change the situation in the UK unit and hired Anthony James as CEO. In doing so, ADSS UK hoped to shift its focus away from institutional clients and increase the percentage of retail traders on its platform.
However, it recently became known that the goal was not achieved, and some of the employees of the UK office recently left the company.
Previously, we reported that Binance was transferring the assets of its Dutch clients due to leaving the country.
