CySEC Withdraws CIF License of 24option Parent Rodeler Ltd

The Cyprus Securities and Exchange Commission (CySEC) announced on Tuesday that it has decided to withdraw the Cyprus Investment Firm (CIF) License with Number 207/13 of Rodeler Ltd, due to the company's decision to expressly renounce it.

The decision was made at a CySEC meeting held on 22 March 2021. More specifically, the cypriot regulator has decided, pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05, to withdraw the company's license.

Rodeler operates 24option, 24FX, Grandoption, and Quickoption brands. As its name implies, 24option was initially rolled out as a Binary Options brokerage, but later it was transitioned to become a forex and CFDs broker. It was flagged by the regulators in the United Kingdom and Italy a year ago. However, it seems that the broker is still offering services by Richfield Capital Limited, an offshore Belize incorporated entity.

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Let's recall that, Rodeler reached a settlement with the Cypriot watchdog to pay a fine of €280,000 for breach of compliance of multiple laws regarding the requirement for CIF authorization, general principles and information to clients, and the organizational requirements.

Before the renouncement of the license, Rodeler's license was also suspended for a month under the request of the UK’s Financial Conduct Authority (FCA) for using fake celebrity endorsements for promoting its products on social media.

​The UK watchdog’s orders require Rodeler to stop selling CFDs to UK customers, to close existing positions, to return the money to its UK customers and to notify its clients of the FCA’s action.