The Cyprus Securities and Exchange Commission (CySEC) has issued a corrective statement regarding a fine it has issued against IQ Option. Last September, the regulator fined the binary options brokerage. The text which was seen by Finance Magnates is in response to a request from the company asking the Cypriot financial supervisor to review its decision.
The parent company of the brokerage IQ Option Europe Ltd was fined by CySEC for failing to adhere to the best execution practice when executing client orders. A little over 3 months since the decision was taken, the board of CySEC has decided to reverse its decision.
The regulator is stating that the €20,000 fine that was issued to the firm was justified considering new data which was provided by the company. Indeed, IQ Option has been at the forefront of the binary options industry for quite some time.
Why Your Enterprise’s Finances Rely on Employee TrainingGo to article >>
The firm has managed to attract a number of loyal clients with a solid offering and has successfully disrupted the binary options industry. While the company has provided some metrics on its website, those have not been fully verified.
Commenting to Finance Magnates on the matter, a company spokesperson stated: “We are thankful to the CySEC for reconsidering their decision. The Company has never been and will never be guilty of offering anything less than best execution for our clients.”
“Since the fine against the firm was issued, IQ Option has taken remedial actions and embraced a culture of educating all our employees on the importance of our compliance obligations. We are happy with the results and we hope our traders understand the importance of this revocation,” the spokesperson elaborated.