Exclusive: 24Option Banned from Operating in France
- French watchdog bans 24Option after the broker failed to comply with certain professional obligations.
24Option, one of the largest binary option brokers in the world, has been banned from operating in France, Finance Magnates has learned. 24Option's French website (operating via 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 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 Read this Term licensed Rodeler Limited) was inaccessible on Sunday night, but was back online by Monday morning, minus on-boarding for French citizens.
Yesterday, an official announcement announcing the stoppage of service to French citizens was sent to 24Option's affiliates.
On July 29th the French regulator claimed that 24Option is not able to “comply with certain professional obligations” and so ordered 24Option to cease soliciting and accepting new clients in France and to put existing clients on Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and withdrawal mode only. The ban takes effect on Monday, August 1, 2016 though as mentioned earlier, 24Option's French website is currently down, probably due to technical changes taking place.
"Didn't comply with some of its obligations"
The watchdog said that the decision taken pursuant to Article 62 of MiFID is a first. “In this case, it appeared that the Rodeler Limited provider did not comply, in France, with some of its obligations of providing correct information, as well as acting fairly and honestly, in the best interest of its customers, to the detriment of investors residing or established in France,” the watchdog stated in an official announcement.
In a late announcement issued tonight to its affiliates and clients, 24Option elaborated on the ban: “As you are aware, at 24Option we fully stick to the strict European financial regulation. As such, in order to comply with AMF, we have been asked to block all French traffic to the site at this time. We are working with the regulator to solve this situation as soon as possible.” Finance Magnates reached out to 24Option for comment but none was available as of time of publication.
24Option notice
24Option, one of the largest binary option brokers in the world, has been banned from operating in France, Finance Magnates has learned. 24Option's French website (operating via 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 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 Read this Term licensed Rodeler Limited) was inaccessible on Sunday night, but was back online by Monday morning, minus on-boarding for French citizens.
Yesterday, an official announcement announcing the stoppage of service to French citizens was sent to 24Option's affiliates.
On July 29th the French regulator claimed that 24Option is not able to “comply with certain professional obligations” and so ordered 24Option to cease soliciting and accepting new clients in France and to put existing clients on Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and withdrawal mode only. The ban takes effect on Monday, August 1, 2016 though as mentioned earlier, 24Option's French website is currently down, probably due to technical changes taking place.
"Didn't comply with some of its obligations"
The watchdog said that the decision taken pursuant to Article 62 of MiFID is a first. “In this case, it appeared that the Rodeler Limited provider did not comply, in France, with some of its obligations of providing correct information, as well as acting fairly and honestly, in the best interest of its customers, to the detriment of investors residing or established in France,” the watchdog stated in an official announcement.
In a late announcement issued tonight to its affiliates and clients, 24Option elaborated on the ban: “As you are aware, at 24Option we fully stick to the strict European financial regulation. As such, in order to comply with AMF, we have been asked to block all French traffic to the site at this time. We are working with the regulator to solve this situation as soon as possible.” Finance Magnates reached out to 24Option for comment but none was available as of time of publication.
24Option notice