The broker 24Option has agreed to pay the Cyprus Securities and Exchange Commission (CySEC) €280,000 for possible violations of the laws applicable in the country. The regulator announced that after reaching a settlement with the Rodeler Ltd, which is the parent company of that broker brand. The company also renounced its CySEC license last month.
This is not the first issue this broker has had with regulators. So far it has been banned by the United Kingdom’s FCA from operating on UK soil for using social media and webpages carrying fake endorsements from celebrities to entice consumers into online trading scams and it also it got flagged by the Italian regulator CONSOB for conducting scams on Italian territory.
They've been scamming people all over the EU and still the biggest punishment is a small (for them) fine. The people behind the scams will probably continue doing that elsewhere.
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