CySEC Settles €280,000 with Rodeler
The Cyprus Securities and Exchange Commission (CySEC) has announced on Wednesday about its settlement with Rodeler Ltd for €280,000. This was for the possible violation of the Investment Services and Activities and Regulated Markets Law of 2017.
The settlement took place after CySEC-regulated broker renounced its Cyprus Investment Firm (CIF) authorization license in late July.
The recent announcement also detailed that the settlement was reached for the assessment of the broker. This was between January 2018 and December 2019 for breach of compliance of multiple laws.
This was regarding the requirement for CIF authorization, general principles and information to clients, and the organizational requirements.
The Cypriot regulator noted CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009. That it may reach a settlement agreement regarding any violation or possible violation, act, or omission.
This is for which there’s reasonable ground to believe that it’s in breach of the provisions of the legislation. That’s under the regulatory remit of CySEC.
Announced today, but the decision for the settlement finalized on July 6. It was the same day the regulator approved the renouncement of the CIF license from Rodeler.
In the Bad Books of Multiple Watchdogs
The broker operated a platform called 24option. But the regulators in the United Kingdom and Italy flagged it.
The Cypriot regulator also suspended its license for a month under the request of the UK’s Financial Conduct Authority (FCA). This was for using fake celebrity endorsements for promoting its products on social media.
Along with Rodeler, Hoch Capital also renounced its CIF license after facing exactly the same regulatory backlash. However, the CySEC did not update anything about the settlement with them.
Recently, the Cypriot regulator also settled with another CIF holder, Tradernet, for €80,000. However, there was no exposure of the charges against the broker.
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