For several weeks now, the Forex and CFD brokers Rodeler and F1Markets regulated by CySEC have been keeping us busy. More and more whistleblowers are reporting irregularities and worrying details of their business practices. In December 2019, the Italian regulator CONSOB has already banned Rodeler and their brands from Italy and thus revoked the EU licence passporting. Recently the UK FCA has also taken this step for Rodeler, F1Markets, Hoch Capital, and Magnum FX (Cyprus). This forced CySEC to take measures and to order a temporary suspension.
Read more on the regulatory actions against Rodeler et al.
Today we received a whistleblower message addressed to the CySEC informing the regulator that the customers of Rodeler’s 24option brand will be transferred to the CySEC regulated broker ForexTB (FXTB) operated by Forex TB Limited (www.forextb.com). Apparently, the 24option clients are receiving respective calls from ForexTB. The Italian team around the retention managers Eros Davide Crisafulli, Albin Crisafulli, and Gaetano Spina are supposed to carry out this transition together with the Israeli manager Nissan Raz.
FinTelegram was set to bcc on the whistleblower’s corresponding email to CySEC and can, therefore, be positive about the communication. A quick check of the new information with another whistleblower whose ID and reporting quality is known to us didn’t falsify it.
At the moment we cannot say with certainty if the information sent to the CySEC is correct. We can confirm, however, that CySEC has been informed. Whether correct or not, the information is important enough to issue an investor warning.
We warn all customers of 24option, F1Markets, Hoch Capital, and Magnum FX to be careful and to report possible calls from employees of other brokers. You can make this report to FinTelegram through our whistleblower system.
