A Visit to ADMIRAL in Cyprus – Office Found

Reason for this visit

Established in 2003, the Cyprus Securities and Exchange Commission (CySEC) is a financial services regulatory authority, overseeing financial products including securities, stocks, foreign exchange, etc., and its financial regulation and operations align with the European Unions MiFID financial framework.

Since Cyprus joined the EU in 2004, CySEC has become an integral part of the EU‘s Markets in Financial Instruments Directive (MiFID) regulations. This means that any company registered in Cyprus can freely bring its business into the entire European market. As a result, Cyprus has invisibly attracted more and more overseas companies to choose to register there. There has been a notable increase in overseas retail forex brokers who are eager to obtain CySEC regulation. Additionally, significant changes have occurred in Cyprus since it adopted the Euro in 2008. CySEC is now regarded as a reputable regulatory authority, and obtaining a CySEC license gives customers a more positive impression of a company. In brief, obtaining a CySEC license in Cyprus provides clients with a greater sense of security and protection. Furthermore, Cyprus not only has the lowest corporate tax rate among all EU member states but also aims to develop Cyprus’ stock market into the safest, most reliable, and attractive investment destination. In an attempt to provide investors with a tangible understanding of the current situation of brokers in Cyprus, WikiStock survey team is determined to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Cyprus to visit broker ADMIRAL as planned according to its regulatory address that 2 Dramas Street, 1st Floor, Office 101, CY 1077, Nicosia, Cyprus.

The investigators came to 2 Dramas Street in Nicosia, Cyprus for a visit to the brokers office, and located a 5-storey commercial building with a well-maintained façade next to the street.

Upon arrival at the building for further investigation, the survey personnel spotted an outdoor directory at the entrance, which displayed prominently that ADMIRAL was situated on the 1st floor.

However, people were not permitted to enter the building without an access card or an appointment, and taking photos or videos was prohibited at the entrance, according to the security guard on duty. Therefore, the inspection team was unable to further determine the companys operational scale and working environment.

Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker ADMIRAL as scheduled, and found the companys office at its regulatory address. However, the team failed to enter the office to determine the actual company size. Accordingly, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

The content is used for informational purpose only, and shall not be taken as a final order for making a choice.