FX week in review: Capital.com strategy shift, Admirals onboarding halt, Wahed CEO

Where did Capital.com receive a new regulatory license, and go on a hiring spree, just weeks after halting the onboarding of clients in its home UK market?

Why did Admirals say it was stopping to onboard clients throughout the EU?

Who is the new CEO of online Halal trading platform Wahed?

Where did longtime Exness executive and CAO Elena Krutova leave to?

Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:

Exclusive: Capital.com gets UAE SCA Category 1 license, expanding MENA operations. FNG Exclusive… FNG has learned that London based Retail FX and CFDs broker Capital.com has secured a Category 1 license from the UAE’s financial regulator Securities and Commodities Authority (SCA). Capital.com apparently plans to ramp up hiring and operations out of Dubai, after recently moving into new expanded office space in Emirates Towers. We reported last month that Capital.com was quietly halting the onboarding of clients in the UK, and has clearly set its sights for expansion elsewhere.

Exclusive: Admirals halts onboarding of clients in the EU. FNG Exclusive… FNG has learned that Tallinn, Estonia based Retail FX and CFDs broker Admirals has stopped onboarding clients in the EU. Admirals serves EU clients via Cyprus based, CySEC licensed subsidiary Admirals Europe Ltd. The move comes after Admirals posted a €10 million loss for 2023, as Revenues declined by 41%. Admirals also just completed an overhaul of its senior management ranks, with longtime CEO Sergei Bogatenkov and the company’s Executive Director in Cyprus, Andreas Ioannou, both leaving the company.

Pepperstone launching video ads starring new brand ambassador John McEnroe. Australia based Retail FX and CFDs broker Pepperstone is launching a series of video ads, starring the company’s newly announced brand ambassador, tennis legend John McEnroe. Pepperstone first announced the new association with John McEnroe last month. The company has a long association with the sport of tennis, serving as name sponsor for the ATP Tour rankings for the past two years, before that was taken over earlier this year by the Saudi PIF fund. The first ad in Pepperstone’s new brand campaign features “80s Mac”, and of course McEnroe’s famous phrase ‘You Cannot Be Serious!’

ACY Securities goes live with Copy Trading on Tradingcup platform. After reporting late last year that it had launched demo Copy Trading, Australia based multi-asset CFDs broker ACY Securities has announced that it has now gone live with the Copy Trading feature on the Tradingcup platform. This addition marks a significant evolution for Tradingcup, transforming it from its origins as a trading competition into a cutting-edge copy trading service.

Top FX industry executive moves reported at FNG this week included:

Mohsin Siddiqui

❑ Online Halal investing platform Wahed names OANDA alum Mohsin Siddiqui as CEO.

Exclusive: Exness CAO Elena Krutova leaves for Remedica.

❑ GTN appoints Damian Bunce as new Middle East CEO.

❑ Steen Jakobsen leaves Saxo Bank.

❑ ATFX appoints Ergin Erdemir as Head of LATAM.

Exclusive: Matthew Elliott joins board of EM liquidity provider DKK Partners.

Exclusive: Hantec Markets names Michael O’Sullivan as CTO.