FX and CFDs broker ADSS for retail and institutional customers, Abu Dhabi-based, is winding up its UK business, ADS Securities London Ltd (ADSSL), in order to refocus its resources on other entities within the group.
Last October, Fazzaco reported that ADSSL's revenues, excluding transfer pricing, decreased 34% YoY in the 2021 fiscal year ending December 31, 2021.
Just earlier this month, Dan Benton, who had nearly four-year experience as a senior sales trader at ADSS was appointed by London Capital Group (LCG), a leading online trading service provider in London, as head of sales.
"We regret to inform you that ADSSL has decided to withdraw the UK market and is winding down its business. This follows a strategic decision from ADSSL's parent company to refocus its resources on other entities within the group," stated ADSS.
ADSSL was licensed by the UK Financial Conduct Authority(FCA) in 2012. The company has now applied to cancel its UK license.
"The wind-down of ADSSL will be done in an orderly manner in accordance with our FCA obligations and we remain available to answer any questions you may have."
The company noted that the move will not affect ADSS's business outside the UK, users from which can access the ADSS global website.