24Options Reopens In France

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24Options Reopens In France

AMF Lifting Restrictions, 24Option To Reopen In France

24Options, former flagship brand of TechFinancials, has been able to appease the French AMF and is now permitted to reopen operations in that country. This is a landmark event as the French AMF has been among the most active in working to prevent binary options frauds. Their permission comes after 10 months of inactivity and means 24Option has met their stringent requirements to actin the bast interest of French citizens who wish to trade binary options. The ban was due primarily to advertising and marketing practices that did not comply with MiFID regulations. The AMF stated in their release that 24Option could be cleared to operate in France as early as July 3rd.

This does not mean the AMF has backed down from its fight against non-regulated and fraudulent brokers. Far from it. The regulator has also just announced a warning against 5 new brokers that is has found operating and soliciting to French clients. The new additions to the black list are brands CBF Financial, Toro Next, Easygestions, 4U Groups, and Luxembourg Capital Finance all known to be unregulated and operating in a fashion unbecoming a trusted broker.

Regulators Keeping A Watchful Eye

The UK is also riding herd on the binary options and CFD trading industry. The FCA has permitted a number of brokers to operate in their country but also warns weekly against unauthorized and possible fraud brokers. This week the list includes AIG Options and CMC Options, two brokers using clone names to deliver unregulated financial services to British citizens. Among the complaints include not regulated, cloned names and unauthorized investment advice.

The Australian regulator finally cracked down on BinaryTilt. BinaryTilt is an unregulated and basically untrusted broker operating in Australia for some time. Last year after a few complaints BinaryTilt appeared to be making changes for the better but alas, no. This year ASIC decided to cut its losses and act in the best interest of Australians by issuing a warning and ban of the broker, stating that “might be running or involved in a scam operation”

TechFinancials Restructuring For The Future

As the binary options is shifting gears for the future so too are the big technology providers. The latest news revealed in a Financemagnates exclusive is Techfinancials plans to downsize and off-shore it’s operations. Headquartered now in Israel the company is planning to reduce the size of its workforce and move call centers and other operations in the likelihood a proposed ban on marketing binary options in Israel will pass. The law was introduced two weeks ago and has passed the first of three votes with no opposition.

The law is an extension of laws passed last year which forbid the marketing of binary options to Israelis by Israelis brokers and call centers. The new law will widen the scope to include a ban on marketing binary options to foreigners effectively shutting down the industry in Israel. Critics of the law are vocal and claim, rightly, that a full ban will unneccesarily kill jobs including high paying software development positions.

Exclusive: 24Option Banned from Operating in France

French watchdog bans 24Option after the broker failed to comply with certain professional obligations.

24Option, one of the largest binary option brokers in the world, has been banned from operating in France, Finance Magnates has learned. 24Option’s French website (operating via CySEC licensed Rodeler Limited) was inaccessible on Sunday night, but was back online by Monday morning, minus on-boarding for French citizens.

Yesterday, an official announcement announcing the stoppage of service to French citizens was sent to 24Option’s affiliates.

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On July 29th the French regulator claimed that 24Option is not able to “comply with certain professional obligations” and so ordered 24Option to cease soliciting and accepting new clients in France and to put existing clients on liquidity and withdrawal mode only. The ban takes effect on Monday, August 1, 2020 though as mentioned earlier, 24Option’s French website is currently down, probably due to technical changes taking place.

“Didn’t comply with some of its obligations”

The watchdog said that the decision taken pursuant to Article 62 of MiFID is a first. “In this case, it appeared that the Rodeler Limited provider did not comply, in France, with some of its obligations of providing correct information, as well as acting fairly and honestly, in the best interest of its customers, to the detriment of investors residing or established in France,” the watchdog stated in an official announcement.

In a late announcement issued tonight to its affiliates and clients, 24Option elaborated on the ban: “As you are aware, at 24Option we fully stick to the strict European financial regulation. As such, in order to comply with AMF, we have been asked to block all French traffic to the site at this time. We are working with the regulator to solve this situation as soon as possible.” Finance Magnates reached out to 24Option for comment but none was available as of time of publication.

Conor McGregor sponsor barred from operating in France

Cyprus-based online trader 24Option fails to comply with rules

UFC fighter Conor McGregor said he was not surprised on Sunday (November 13) after making UFC history by becoming the first fighter to hold two UFC belts. Video: UFC

Conor McGregor appears on 24Option’s website and will feature in the company’s promotional material. Photograph: Tom Hogan/Inpho

Dual mixed martial arts champion Conor McGregor’s latest sponsor is barred from operating in France for failing to comply with financial services regulations.

Cyprus-based online trading platform 24Option recently signed a six-month partnership deal with McGregor, who last week defeated rival Eddie Alvarez in New York to take the lightweight Ultimate Fighting Championship (UFC) title.

The Autorité des Marchés Financiers (AMF), the French financial regulator, banned 24Option, whose clients bet on movements in stocks and currencies, from recruiting new customers or maintaining relations with existing ones.

An AMF statement said that it found that Rodeler Ltd, trading as 24Option, failed to comply with obligations to provide relevant information and to act in an honest and fair manner in the best interests of its clients, “to the detriment of investors residing or based in France”.

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The regulator imposed the ban in August under an EU directive allowing states to take appropriate measures to protect investors where a business acts in a manner that is “clearly harmful” to investors’ interests.

Concerns

McGregor appears on 24Option’s website and will feature in the company’s promotional material. He recently told his 2.9 million followers on Twitter: “At 24Option it’s all about trading. But you can’t trade shots with McGregor.”

Multiple grand slam winning tennis player Boris Becker and Italian Serie A side Juventus also endorse 24Option. The company has a marketing branch in Dublin that manages these deals.

24Option offers binary trading, which allows clients to bet on short-term movements, up or down, in currencies, stocks, commodities and other assets. They lose money if the asset moves against their predictions.

Regulators are suspicious of such websites and there is a debate on whether binary trading should be treated as gambling or investing. In 2020, the US Commodity Futures Trading Commission took action against Irish-based binary options business, Intrade, ultimately forcing it into liquidation.

Rodeler recently applied to the Companies’ Registration Office to establish a subsidiary in the Republic. Law firm Mason Hayes Curran presented the application. Cyprus resident Petros Hadjikyriacos signed documents on behalf of the parent company.

Earlier this year, the Cypriot financial watchdog CySEC fined Rodeler €156,000, following which the company agreed to update its procedures to ensure that it complied with the country’s regulations.

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