The Forex and Contract for Difference brokerage firm, Admirals, has suspended the registration of new clients in the EU due to regulatory challenges. According to an update shared with Finance Magnates, the company mentioned that the trading and investing activities for existing clients are not affected by this "temporary and voluntary" suspension.

New Registrations "Presently Unavailable"

Admirals' CEO and Co-Founder, Alexander Tsikhilov, mentioned: "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."

"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 plans to adjust its procedures and offerings to meet all the regulatory requirements in the EU. The firm is working with CySEC to meet the regulatory demands and resume full operations in the region.

Last year, the Estonia-headquartered firm bolstered its liquidity offerings by integrating Match-Prime's multi-asset liquidity pools. This integration followed the launch of Admirals' proprietary web-based trading platform.

Andreas Ioannou, Admirals' Chief Operating Officer, said: "Through this partnership (with Match-Prime), we aim to improve our trading services and offer an incomparable trading experience in line with our standards and practices. We anticipate the contribution that this collaboration will bring, and I firmly believe that it will serve as a positive sign of our commitment to success."

Latest Developments at Admirals

This integrated platform is available alongside MetaTrader 4 and MetaTrader 5. Based in Cyprus, Match-Prime has been steadily expanding its liquidity services since its launch in 2020. Besides that, Admirals recently announced significant changes in its leadership structure, with the resignation of Sergei Bogatenkov as the Chairman of the Board of Management.

The company announced that Alexander Tsikhilov will step into the role of Chairman effective March 1, 2024. In tandem with Bogatenkov's departure, Admirals welcomed two new members to its Supervisory Board: Olga Senjuškina and Eduard Kelvet.