Broker Admirals suspended accepting applications from EU clients
Broker Admirals suspended accepting applications from EU clients
Estonian broker Admirals has stopped registering new clients from the European Union.
Admirals offers its services in the EU through its CySEC-licensed Cypriot subsidiary, Admirals Europe Ltd.
"We are temporarily suspending the acceptance of applications to Admirals Europe Ltd. This decision is related to our efforts to comply with and adapt to the recommendations of the CySEC regulator and only affects our EU operations," said Alexander Tsikhilov, CEO and Co-Founder of the company.
At the same time, he emphasized that previously registered clients from Europe will continue to receive services in full scope, Fazzaco reported.
The company said the decision was driven by its commitment to regulatory standards and its desire to adapt to them.
"Operating in an industry where change is the norm, we understand the importance of being flexible and proactive in our management and strategic development. We therefore have an ethical obligation to act on this decision and respect the environment in which we operate," Tsikhilov explained.
The company is currently working closely with CySEC to implement the necessary changes to its processes and products to achieve full compliance with regulatory standards.
Although the Admirals broker did not give a timeline for the renewal of its registration, it said it was taking all measures to resume attracting new clients from Europe as soon as possible.
This initiative demonstrates the company's desire to strengthen its position in the market as a responsible and reliable partner.
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