CySEC withdraws CIF license Rodeler, operator of 24Option

Steffy Bogdanova
May 19, 2021 10:43 am

The Cyprus Securities and Exchange Commission (CySEC) has revealed it has withdrawn the Cyprus Investment Firm (CIF) license of Rodeler Ltd, operator of the forex and CFDs broker brand 24Option.

The Cypriot regulator made the decision to withdraw the company’s license earlier in March after Rodeler expressed its intention to renounce its license.

Before renouncing its license, Rodeler settled with CySEC for €280,000 fine for “possible” compliance issues in August last year. This occurred after the broker renounced its CIF authorization the previous month.

CySEC

24Options’s operation was also banned by other regulators. Rodeler was also banned in the UK by the Financial Conduct Authority in June 2020 for using fake endorsements from celebrities on social media and webpages to attract consumers.

The French regulator AMF banned Rodeler Limited from providing services to both new and existing clients in France back in 2016. AMF later waiving the prohibition against 24Option in 2017  as the company had taken “measures… to remedy the situation”.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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