Breaking: 24option Parent Company Fined by CySEC €156,000
- CySEC announces another fine, this time for the parent company of binary options brokerage 24option, Rodeler Ltd.

The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term Commission ( CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. Read this Term) has announced a second fine today, once again relating to the binary options industry. The parent company of 24option, GrandOption, 24FX and QuickOption has been fined by the Cypriot financial regulator €156,000. The announcement comes merely minutes after CySEC settled with Banc De Binary for €350,000.
The fines comes on the back of multiple violations starting with €10,000 for non-compliance with Section 28(1) of the Cyprus Investment Firms law, which relates to failure of the company to keep adequate and organized records for assessing the suitability of its clients and advertising material. In addition the company has failed to keep adequate records of client complaints and the measures taken to resolve those.
"No Reasonable Measures"
Another €20,000 of the fine are for non-compliance because the company did not take reasonable measures to avoid any unjustified aggravation of the operational risk in the outsourcing of activities or business operations to third parties.
Misleading advertising and failure to adhere to the interests of clients when providing bonus promotions cost the company another €60,000.
CySEC has added €15,000 more to the fine for the company failing to inform its potential clients about the nature of inherent risks associated with trading binary options, while another €40,000 were added for the failure of the Rodeler Ltd to assess the eligibility of its clients to engage in investment activities.
The final count on which the parent company of 24option has been fined by CySEC is the lack of ability of the company’s systems and procedures to adequately identify clients. On this note, the regulator added another €10,000 for non-compliance, with another €1,000 added for lack of compliance controls.
CySEC states in its announcement that in issuing the fine, it has taken into consideration that the company has adopted a set of corrective measures and actions. Rodeler Ltd has installed a new customer system, which, amongst other things, records the results of the evaluation of suitability and implemented effective and transparent procedures regarding the examination of complaints and it keeps an electronic record of complaints.
Symmetrical Bonus Structure
The firm has also upgraded its operation manual in order to include more detailed and clear procedures as these are followed in practice, and started reviewing all of its advertising material for compliance with the law.
The company has also adopted a symmetrical bonus structure and it has amended the terms and conditions for granting bonuses and updated the content of its websites to include the necessary risk warnings on the banners that it has been posting.
The brands of Rodeler Ltd have also fully upgraded their procedures for opening client accounts in order to comply with CySEC’s recommendations.
The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term Commission ( CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. Read this Term) has announced a second fine today, once again relating to the binary options industry. The parent company of 24option, GrandOption, 24FX and QuickOption has been fined by the Cypriot financial regulator €156,000. The announcement comes merely minutes after CySEC settled with Banc De Binary for €350,000.
The fines comes on the back of multiple violations starting with €10,000 for non-compliance with Section 28(1) of the Cyprus Investment Firms law, which relates to failure of the company to keep adequate and organized records for assessing the suitability of its clients and advertising material. In addition the company has failed to keep adequate records of client complaints and the measures taken to resolve those.
"No Reasonable Measures"
Another €20,000 of the fine are for non-compliance because the company did not take reasonable measures to avoid any unjustified aggravation of the operational risk in the outsourcing of activities or business operations to third parties.
Misleading advertising and failure to adhere to the interests of clients when providing bonus promotions cost the company another €60,000.
CySEC has added €15,000 more to the fine for the company failing to inform its potential clients about the nature of inherent risks associated with trading binary options, while another €40,000 were added for the failure of the Rodeler Ltd to assess the eligibility of its clients to engage in investment activities.
The final count on which the parent company of 24option has been fined by CySEC is the lack of ability of the company’s systems and procedures to adequately identify clients. On this note, the regulator added another €10,000 for non-compliance, with another €1,000 added for lack of compliance controls.
CySEC states in its announcement that in issuing the fine, it has taken into consideration that the company has adopted a set of corrective measures and actions. Rodeler Ltd has installed a new customer system, which, amongst other things, records the results of the evaluation of suitability and implemented effective and transparent procedures regarding the examination of complaints and it keeps an electronic record of complaints.
Symmetrical Bonus Structure
The firm has also upgraded its operation manual in order to include more detailed and clear procedures as these are followed in practice, and started reviewing all of its advertising material for compliance with the law.
The company has also adopted a symmetrical bonus structure and it has amended the terms and conditions for granting bonuses and updated the content of its websites to include the necessary risk warnings on the banners that it has been posting.
The brands of Rodeler Ltd have also fully upgraded their procedures for opening client accounts in order to comply with CySEC’s recommendations.