CySEC Withdrew CIF License of 24Option Operator Rodeler Ltd

The Cyprus Securities and Exchange 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 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for a variety of different functions, which includes the supervision Read this Term) announced on Tuesday that it has withdrawn the Cyprus Investment Firm (CIF) license of Rodeler Ltd, the company that operated the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs broker brand 24Option.

The decision by the Cypriot financial market regulator was made earlier in March following the company’s intentions to renounce its CIF license voluntarily. Rodeler gained the European regulatory license in 2013.

Apart from 24Option, Rodeler operated 24FX, Grandoption and Quickoption brands, according to the regulatory registration. As the name suggests, 24Option was launched as a binary options platform, but later it was transitioned as a forex and CFDs broker. The platform is still offering services globally and is operated by Richfield Capital Limited, a Belize incorporated entity.

Too Many Compliance Violations

Before the renouncement of the license, Rodeler was already in a tussle with the Cypriot regulator. The company settled with CySEC last year paying a fine of €280,000 for multiple ‘possible’ compliance breaches. That was one of the many regulatory fines imposed on the platform by multiple watchdogs.

Many European regulators, including Italy’s Consob, banned the operations of 24option in their jurisdictions. However, the latest trouble of the broker brand operator began as the UK’s Financial Conduct Authority (FCA) flagged and banned the platform at the beginning of June 2020 for unauthorized celebrity endorsements on social media, along with several other serious violations. The company was passporting its CIF license to operate in the United Kingdom.

The implications of that compliance breach in the UK resulted in the partial suspension of the Rodeler’s license by CySEC.