Parent companies of 24option, iTrader and tradeATF seek to ditch Cypriot licenses

Maria Nikolova

CySEC confirms that it has been informed by Rodeler and Hoch Capital of their intentions to renounce their CIF authorizations.

Hoch Capital Ltd (trading as iTrader and tradeATF) and Rodeler Ltd (trading as 24option) have informed the Cyprus Securities and Exchange Commission (CySEC) of their intentions to renounce their Cyprus Investment Firm (CIF) authorizations.

Today, the Cypriot regulator said that, at its meeting on July 6, 2020, it approved, the proposed timeframe of implementation of actions by the companies prior to CySEC revoking their authorisation.

Let’s recall that, on June 1, 2020, CySEC said it was suspending the CIF authorizations of these brokers.

As FinanceFeeds reported in June, the UK Financial Conduct Authority (FCA) barred Hoch Capital Ltd (trading as iTrader and tradeATF) and Rodeler Ltd (trading as 24option) from offering CFD trading services in the UK. The regulator said that these firms used unauthorised celebrity endorsements on social media as part of their marketing. The firms used social media and webpages carrying fake endorsements from celebrities to entice consumers into the scams involving CFDs.

The FCA estimates that UK investors have lost hundreds of thousands of pounds in these investments. A number of customers are known to have lost more than £100,000 to the schemes.

The orders require the companies to stop selling CFDs to UK customers, to close existing positions with UK customers, to return UK customers’ money and to notify UK customers of the FCA’s action.

Read this next

Institutional FX

Derivative Path taps Goldman Sachs to offer spot FX and cross border payments

Derivative Path has partnered with Goldman Sachs Transaction Banking (TxB) to offer an automated, digital-first payments platform to help financial institutions with spot foreign exchange and international payments.

Retail FX

ASIC wants to remake rules for retail OTC derivatives issuers

Submissions regarding the abovementioned consultation paper are due by 29 July 2022

Industry News

Dubai regulator removes Tradition’s Trevor Conway’s license for “lack of competence”

The Dubai Financial Services Authority (DFSA) has announced it withdrew the Authorised Individual status and imposed a restriction on Trevor Conway, a Senior Executive Officer at the DFSA-authorised firm Tradition, the interdealer broker arm of Swiss-based OTC interdealer broker Compagnie Financière Tradition SA. Trevor Conway lost his DFSA-authorised status following an investigation into his conduct […]

Digital Assets

Flowdesk raises $30m to expand Market-Making-as-a-Service in Crypto

The firm offers capabilities for asset management, brokerage, custody, and market-making, but the latter is Flowdesk’s flagship service and its most differentiating product.

Digital Assets

Coinbase adds Solana (SOL) to staking offering

Coinbase has expanded its staking offerings to include Solana (SOL), meaning that once a Coinbase customer buys SOL, they can automatically start earning rewards via staking. 

Executive Moves

Kraken challenges crypto winter with most job ads in US and UK

While the crypto winter lingers and many crypto firms face challenges, research found that Kraken has posted over 600 new job ads in the United States in the last seven days, accounting for almost one in five of all new crypto job ads in America. 

Industry News

LiquidityBook partners with Clearwater to improve buy-side experience

Together these solutions offer great efficiency due to the firm«s strong technical alignment, scalability, and SaaS-based architecture

Industry News

Qenta launches payments, risk management, tokenization in emerging markets

Qenta has unveiled an enhanced and integrated suite of financial solutions with a focus on Africa, Latin America, Asia Pacific, and Central and Eastern Europe. The proprietary enterprise-grade blockchain offering includes tokenized assets, multi token wallets for digital banking, cashless payments, and commodity risk management services. The firm aims to solve access, connectivity, compliance, and […]

Institutional FX

FCA-regulated Bitpanda Custody joins Bosonic Network

“Bitpanda Custody is pleased to join the Bosonic working group to help institutional clients reduce end-of-day settlement risk and costs, whilst improving capital efficiency, all backed by an insured, regulated crypto custodian.”