Fazzaco Weekly Digest: Admirals Sees Net Profit Surge in 2022; Fazzaco HoF Award Ceremony 2023 Comes to Close; Exness Opens Uruguay Office

1. Admirals Registers 23400% YoY Surge in Net Profit for 2022, with Net Trading Income up 93%​

Admirals Group AS​, an Estonia based Retail FX and CFDs broker, has released its financial results for the full year 2022, showing that the broker has delivered a strong performance over the year.

Group net trading income for 2022 reached EUR 69.0 million, rising 93% from the prior year's EUR 35.7 million. Net profit enjoyed a significant yearly increase of 2560% to EUR 23.5 million, compared to that of EUR 0.1 million in 2021. EBITDA also registered a strong growth of 2560% from 2021's EUR 1.0 million to 26.6 EUR million, with EBITDA margin up 36% to 39% on a yearly basis.

2. A Celebration of the Best: Fazzaco HoF Award Ceremony 2023 Comes to A Successful Close

As night fell on the coast of Cyprus on February 23, the Crowne Plaza Limassol became the shining centerpiece of the finance industry. At the Fazzaco Hall of Fame Awards Ceremony, financial elites from the financial sector gathered together, immersed in the vitality and passion from the industry.

3. Exness Eyes Expansion in LatAm, Opens New Uruguay Office​

Fazzaco learned that Exness, the global leader in multi-asset trading, has launched its new office in Uruguay last week. This marks the broker’s first physical location in Latin America.

The company has been seeking to grow its presence in the Latin America region. "Exness has been operating in the financial markets for 15 years now, yet we consider the opening of our Uruguay offices a new beginning," said Artem Seledtsov, Chief Business Development Officer at Exness.

4. Fazzaco Departure Lounge at Larnaca Airport Officially Opens to All Fazzaco Users

Fazzaco VIP Lounge located at the Departure Lobby of Larnaca Airport has officially opened to the public!

Conveniently located between boarding gates G23/24 and G42/43, Fazzaco VIP Lounge is strategically positioned to capture the attention of travelers. From massage chairs to Wi-Fi and LEDs, the Lounge offers everything a traveler needs to unwind. The Larnaca Airport welcomes over 6 million visitors throughout 2022.

5. Germany's BaFin Issues Warning Against 9 Unauthorized Companies in February​

In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG),  Germany's financial supervisory authority BaFin issued warnings to 9 entities or websites in February, stating that these entities or websites didn’t hold authorisation under the KWG to conduct banking business or provide financial services.

6. Listen to the Article: Strategies for Brokers to Counter CFD Scams & Minimize Harm

In recent times, due to the rapid growth of the financial market and the acceleration of globalization, an increasing number of forex brokers have begun to offer contracts for difference (CFD) trading. In fact, CFD trading has been widely accepted by mainstream financial markets for over 20 years. Today, Fazzaco will discuss with you the reasons why CFD trading has become increasingly popular among brokers and the essential strategies to be implemented to avoid risks and scams associated with CFDs.

7. UAE's Emirate Ras Al Khaimah to Launch Exclusive Free Zone for Crypto Companies​

Ras Al Khaimah, one of the United Arab Emirate's (UAE) seven Emirates, announced its planning of launching the world's first free zone for digital and virtual asset companies, called RAK Digital Assets Oasis (RAK DAO).

According to the government's statement, the free zone will be dedicated to digital and virtual assets service providers in emerging technologies, such as the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps) and other Web3-related businesses.