CySEC announced today that it has withdrawn the Cyprus Investment Firm (CIF) license of Rodeler Ltd, the company that operated the forex and CFDs broker brand 24Option.
May 20, 2021, | AtoZ Markets- The Cyprus Securities and Exchange Commission (CySEC) announced that it has withdrawn the Cyprus Investment Firm (CIF) license of Rodeler Ltd. Remember the company that operated the forex and CFDs broker brand 24Option.
The financial regulator's decision was made last March, following the company’s intentions to renounce its CIF license voluntarily. Rodeler lost the license he had obtained in 2013.
We must remember that Rodeler operated 24FX, Grandoption and Quickoption brands, according to the regulatory registration.
What is CySEC
CySEC was created in Cyprus as a commission in charge of regulating the financial markets and services of that country.
Founded in 2001 and is recognized as a completely public entity. The CySEC (Cyprus Securities and Exchange Commission) is in charge of ensuring that the CIF (Cyprus Investment Firm or Cyprus Investment Company) duly complies with all financial orders and regulations established according to the financial regulation laws of Cyprus.
Because this country is a member of the European Union, CySEC also has the function of ensuring compliance with all regulations created by the MiFID (Markets in Financial Instruments Directive) in relation to the financial sector.
The main objective of the MiFID is to promote equity, transparency, efficiency, and integration of financial markets in Europe.
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Main Website Notification
24Option was initially launched as a binary options platform, but later it was transitioned as a forex and CFDs broker. This platform is still offering services globally and is operated by Richfield Capital Limited, a Belize incorporated entity.
Regarding this news, the following statement to its clients appears on the company's website:
Prior to 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.
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