As brokers around the world adjust and adapt their regulatory and licensing statuses to the current industry and global economic realities, there is much going on at the Cyprus Securities and Exchange Commission (CySEC), with some firms applying for Cyprus Investment Firm (CIF) authorizations and others renouncing them.
This is the case with several firms – Hoch Capital Ltd (trading as iTrader and tradeATF) and Rodeler Ltd (trading as 24option) who have notified the Cypriot regulator of their intention to renounce their license and stop onboarding customers through the jurisdiction. A notice was published on CySEC’s website informing the public of the regulator’s approval of steps to wind down authorized operations before the regulator would officially revoke the licenses.
Some can recall that the firms mentioned above had previously been barred from the United Kingdom, where the the UK Financial Conduct Authority (FCA) said the companies were engaging in unauthorised endorsements by celebrities in order to promote CFD trading to investors. Unfortunately, according to FCA estimates many customers who had traded with the brokerages had lost hundreds of thousands of Pounds as a result.
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