简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:At a time when many Retail FX brokers are scrambling to get a CySEC CIF license ahead of the December 31, 2020 Brexit transition deadline, a number of brokers are heading in the other direction.
At a time when many Retail FX brokers are scrambling to get a CySEC CIF license ahead of the December 31, 2020 Brexit transition deadline, a number of brokers are heading in the other direction.
Cyprus financial regulator CySEC has reported that two Retail FX and CFD brokerage houses, Hoch Capital Ltd and Rodeler Ltd, have voluntarily renounced their CySEC licenses. Hoch Capital Ltd operates the iTrader and TradeATF brands, while Rodeler Ltd operates 24option, which began (as its name implies) as a Binary Options brokerage, but later transitioned to become a “standard” FX and CFDs broker.
It appears as if 24option is continuing to operate website 24option.com as an offshore Belize incorporated entity called Richfield Capital Limited. The company displays on its website that it is an official partner of Italian football club Juventus, however they no longer appear on Juventus list of sponsors and partners on the Juventus website.
The iTrader.com brand seems to have been retired by Hochs shareholders. However the url redirects to the TradeATF website at tradeatf.com, now owned by an offshore entity also in Belize called Bayline Trading Ltd. On its website the company now notes that Global TradeATF is the Digital Sponsor of the Argentine National Soccer Team. The firm, which offers Portuguese and Spanish versions of its website in addition to English, seems to be now mainly targeting traders in South America.
The “voluntary” moves follow trouble that both brokers got into with UK regulator The FCA at the beginning of June. As Cyprus licensed financial companies both 24option and TradeATF were able to “passport” their licenses into the UK and all other EU countries, and operate offices in those locations as well as take retail clients from those jurisdictions. However The FCA banned 24option and TradeATF from the UK, as well as a number of other CySEC licensed brands, in a first-of-its-kind move against passporting brokers.
The FCA cited issues such as unauthorised celebrity endorsements on social media to entice consumers into scams involving CFDs. In addition, the regulator noted that the firms had failed to pay money owed to investors, charged customers undisclosed fees, and failed to tell them about the risks of trading CFDs.
The CySEC notes regarding both Rodeler and Hoch Capital follow.
22 July 2020
CYSEC Decision
Announcement date: 22.07.2020; CySEC Decision date: 06.07.2020
Regarding: Rodeler Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Approval of the timeframe of implementation of actions for the express renunciation of a CIF authorisation
The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform the public that Rodeler Ltd (‘the Company’), with Number 207/13, had notified CySEC of its decision to expressly renounce its Cyprus Investment Firm (CIF) authorisation and, at its meeting on 6th July 2020, CySEC has approved, pursuant to article 4(4) of Directive DI87-05 for The Withdrawal and Suspension of Authorisation (‘the Directive’), the Companys proposed timeframe of implementation of actions as provided in article 4(3) of the Directive.
It is noted that all actions of article 4(3) of the Directive should be implemented by the Company prior to CySEC revoking its authorisation.
22 July 2020
CYSEC Decision
Announcement date: 22.07.2020; CySEC Decision date: 06.07.2020
Regarding: Hoch Capital Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Approval of the timeframe of implementation of actions for the express renunciation of a CIF authorisation
The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform the public that Hoch Capital Ltd (‘the Company’), with Number 198/13, had notified CySEC of its decision to expressly renounce its Cyprus Investment Firm (CIF) authorisation and, at its meeting on 6th July 2020, CySEC has approved, pursuant to article 4(4) of Directive DI87-05 for The Withdrawal and Suspension of Authorisation (‘the Directive’), the Companys proposed timeframe of implementation of actions as provided in article 4(3) of the Directive.
It is noted that all actions of article 4(3) of the Directive should be implemented by the Company prior to CySEC revoking its authorisation.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The Cyprus Securities and Exchange Commission (CySEC) has announced an extension to the suspension of the Cyprus Investment Firm (CIF) license held by FTX (EU) Ltd. This decision follows a series of prior announcements from CySEC dating back to November 2022 and most recently updated on April 16, 2024
This article challenges traders to examine whether their actions are driven by emotions or disciplined strategy, emphasizing the importance of planned risk management over impulsive, adrenaline-fueled decisions for sustainable success.
The Cyprus Securities and Exchange Commission (CySEC) has introduced several changes impacting both domestic and cross-border operations of firms providing financial and investment services within its jurisdiction
FP Markets partners with xsee to provide real-time trading signals, empowering traders with expert strategies and data-backed insights for informed decisions.