'Armada Markets' Set to Leave Polish Market under a Cloud of Suspicion
Thursday,25/09/2014|07:12GMTby
George Tchetvertakov
In a further sign of regulatory arbitrage, an unregulated Estonian broker leaves the Polish market to "launch a new company providing a wider range of services". In the Wild Wild West it helps to have a spare horse.
Armada Markets, an Estonian-based broker offering margin foreign exchange trading services, today sent a letter to all of its clients based in Poland, informing them that the company will no longer be offering services to Polish clients as of October 10th, 2014.
Earlier this year in March, the Polish Financial Supervision Authority (KNF) announced that 'Armada Markets AS' had been added to their list of unauthorized firms. The Polish regulator effectively banned Armada from operating in Poland and offering financial services to Polish residents.
The move was in addition to the Estonian Financial Supervisory Authority (Finantsinspektsioon) publishing a public warning regarding Armada Markets in September 2012, stating that the firm is not regulated in Estonia.
The Mattus Brothers, CFO Illimar (left) and CEO Ingmar (right)
Today's letter to customers claims that Armada is "in preparation for the extension of our business ... to launch a new company providing a wider range of services, temporarily suspending managing accounts for clients in Poland." Customers have also been told to close all positions and submit withdrawal forms by close of business on October 10th, 2014.
According to 'Comparic', an online Polish news vendor, it is widely rumoured that Armada has been operating illegally in their dealings with Polish customers. Comparic also reports that the KNF notified the Polish public prosecutor of their "suspicions that Armada was committing crimes" and that "Armada customers may be called as witnesses to aid the prosecutor's case."
On Armada's website, the company's CFO, Illimar Mattus, is quoted as saying: "There are over 1,000 brokers in the world. Armada is constantly ranked among top 5 brokers when it comes to low trading costs, tight spreads, deep Liquidity and execution quality. This is our way of respecting our clients."
Whether or not the ongoing vigilance over Armada by the KNF has influenced Armada's decision to officially exit the Polish market is unclear. Regardless of what actions the KNF takes, it seems Armada is re-branding and re-opening for business in the near future.
Update
In a written statement, the Armada Markets CEO, Ingmar Mattus said:
"Armada Markets is operating based on the spot Forex and metals brokerage registrations by the Ministry of Economic Affairs in Estonia. Armada Markets is not a subject of any investigation and we are not accused of anything in Estonia, Poland or elsewhere. We have never had a physical office in Poland and we stopped accepting new clients from Poland already in April 2014. Our decision to discontinue servicing existing Polish clients is due to our progress in launching a new regulated subsidiary with new and improved services. So, over the course of the coming weeks our clients will see many new positive developments coming from us."
Armada Markets, an Estonian-based broker offering margin foreign exchange trading services, today sent a letter to all of its clients based in Poland, informing them that the company will no longer be offering services to Polish clients as of October 10th, 2014.
Earlier this year in March, the Polish Financial Supervision Authority (KNF) announced that 'Armada Markets AS' had been added to their list of unauthorized firms. The Polish regulator effectively banned Armada from operating in Poland and offering financial services to Polish residents.
The move was in addition to the Estonian Financial Supervisory Authority (Finantsinspektsioon) publishing a public warning regarding Armada Markets in September 2012, stating that the firm is not regulated in Estonia.
The Mattus Brothers, CFO Illimar (left) and CEO Ingmar (right)
Today's letter to customers claims that Armada is "in preparation for the extension of our business ... to launch a new company providing a wider range of services, temporarily suspending managing accounts for clients in Poland." Customers have also been told to close all positions and submit withdrawal forms by close of business on October 10th, 2014.
According to 'Comparic', an online Polish news vendor, it is widely rumoured that Armada has been operating illegally in their dealings with Polish customers. Comparic also reports that the KNF notified the Polish public prosecutor of their "suspicions that Armada was committing crimes" and that "Armada customers may be called as witnesses to aid the prosecutor's case."
On Armada's website, the company's CFO, Illimar Mattus, is quoted as saying: "There are over 1,000 brokers in the world. Armada is constantly ranked among top 5 brokers when it comes to low trading costs, tight spreads, deep Liquidity and execution quality. This is our way of respecting our clients."
Whether or not the ongoing vigilance over Armada by the KNF has influenced Armada's decision to officially exit the Polish market is unclear. Regardless of what actions the KNF takes, it seems Armada is re-branding and re-opening for business in the near future.
Update
In a written statement, the Armada Markets CEO, Ingmar Mattus said:
"Armada Markets is operating based on the spot Forex and metals brokerage registrations by the Ministry of Economic Affairs in Estonia. Armada Markets is not a subject of any investigation and we are not accused of anything in Estonia, Poland or elsewhere. We have never had a physical office in Poland and we stopped accepting new clients from Poland already in April 2014. Our decision to discontinue servicing existing Polish clients is due to our progress in launching a new regulated subsidiary with new and improved services. So, over the course of the coming weeks our clients will see many new positive developments coming from us."
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Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
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As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
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Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
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When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
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As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
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-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Mind The Gap: Can Retail Investors Save the UK Stock Market?
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As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
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Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
