After nearly ten months of being banned from operating in France, 24Option will be having this measure lifted following the group’s efforts to comply with the domestic regulatory authorities. France’s Autorité des Marchés Financiers (AMF) announced that 24Option’s ban would be lifted as recently as July 3, as the group will now be able to once again provide investment services to French clients.
The reversal follows after a clampdown last August, which saw 24Option (operating via CySEC licensed Rodeler Limited) banned for not being able to comply with specific ‘professional obligations’. In particular, the discrepancy centered on Article 62 of MiFID regulations, or rather specific language dealing with the group’s advertising practices. The ban was noteworthy as it was the first instance of a Cyprus-based company being denied access to any European market.
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Consequently, the AMF’s decision was ultimately made over two sentences of promotional text on 24Option’s French website, which had been deemed misleading – an additional complaint out of some 10,000 clients also factored into the decision, according to the Chairwoman of the Cyprus Securities and Exchange Commission (CySEC), Demetra Kalogerou, who commented at the time of the ban.
The impasse between 24Option and the AMF appears to have always been surmountable. The binary options brokerage left the door open by issuing a pledge last year that it would be working with the regulator to solve the situation as soon as possible – a ban had been in place since August 1, 2016. Today’s announcement from the AMF indicated that 24Option has reconciled its advertising language to be in full compliance with French domestic law and MiFID regulations, which dictated the lifting of the ban.
Finance Magnates reached out to 24Option for additional comment but the company was not available at the time of publication.