FinTelegram already reported in detail a few weeks ago about the voluntary renouncement of its CySEC CIF license 207/13 and thus the withdrawal of the Cypriot Rodeler Ltd and its forex broker brand 24option. The pioneer among the EU forex brokers apparently had paid tribute to the problems with the market situation and the regulators and voluntarily withdrew the CySEC license. In the course of this resignation, a final agreement with CySEC was reached, as the Cypriot regulator announced.
CySEC reached a settlement agreement with the CIF RodelerLtd – Under examination for voluntary renunciation of the authorisation,for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017CySEC Announcement Aug 5, 2020
The settlement reached between CySEC and Rodeler regarding the possible violations of its regulatory obligations, amounts to€280.000 which the broker already paid.
The repayments of the customers’ remaining balances to the Rodeler and 24option clients are scheduled to be made starting with the termination date of 20 August 2020.
It is a sad fact that many CySEC regulated investment companies also participate in unregulated broker ventures and scams. Recently, the UK FCA and the Italian CONSOB have taken massive action against CySEC regulated entities. This has not made the market easier for all participants. Serious CySEC brokers have also suffered from this scam problem. We, therefore, expect further license renouncements or suspensions over the next months.