CySEC fined Rodeler Ltd. (24option) 156 thousand euros

A lot of people rememberIt was reported that one of the companies that submitted documents to the Bank of Russia for a dealer license was Rodeler RU, a member of the Rodeler group of companies and owner of the popular 24option brand. Today, the Cypriot regulator was dissatisfied with the work of Rodeler Ltd.

CySEC fined 24option 156 thousand euros

In addition to 24option, which provides financial services in the binary options market, the Rodeler group of companies combines such brands as GrandOption, 24FX, QuickOption.

On January 27, the Cypriot company Rodeler Ltd. was fined by the Securities and Exchange Commission (CySEC) for 156 thousand euros for violating the Companies Law of the Republic of Cyprus (CIF). The list of violations includes insufficient efforts of the company in the course of collecting information on the financial literacy of its potential customers (the most serious charge and a large fine of 40 thousand euros), which suggests that customers may have been offered products unsuitable for them, or were not informed about the risks of certain financial transactions.

It is also noted that the information contained in the company's promotional materials was ambiguous and misled customers. In addition, the necessary records of incoming customer complaints and measures to address them were not maintained.

The amount of the fine was later adjusted CySECas the offender, Rodeler Ltd, hurriedly eliminated the identified violations and adjusted its activities to comply with the laws of Cyprus. Among other things, the company has revised the design of its advertising materials, strengthened its customer service, and taken into account a host of other comments from the regulator.

Updates on the Forex market

• The Central Bank about Forex in Russia today: everything will be solved by March!
• Why was the law "On" not moved, and -dealers all as one ran for licenses?
• Binary options broker 24option has gone to the Bank of Russia for a license