On June 1, 2020, the FCA suspended some investment companies regulated by CySEC for their unfair sales practices. These firms allegedly used unauthorized celebrity endorsements on social media as part of their marketing. One of these investment firms was Rodeler Ltd and its brand 24option. Just a few hours later, CySEC also temporarily suspended Rodeler Ltd and ordered them to take necessary actions in order to comply with regulatory provisions within one month.
Faced with these problems in an increasingly difficult market environment, Rodeler (www.rodeler.com) has announced that he will voluntarily renounce its CySEC license 207/13. No new customers will be accepted for 24option, the existing business will be closed as of August 20, 2020 (Termination Date). The 24option customers are requested to close all open positions by the Termination Date at the latest and to inform Rodeler to which bank account the balance is to be transferred.
We would like to inform you that Rodeler Ltd (hereafter the “Company”) with license number 207/13 is in the process of voluntarily renouncing its CIF licence. In this respect, the Company will no longer accept any new clients and/or the opening of any new accounts. We would like to inform you that the termination of our Client Agreement and our relationship thereunder shall take place on the 20th of August 2020 (“Termination Date”) […] If you have any further queries regarding the above-mentioned subject, please contact us at email@example.com website (www.24option.com)
24option was one of the largest and strongest forex broker brands in Europe. The closure is coming is a landmark event for the industry.
With the closure of 24option, an era of forex and binary options hype will certainly come to an almost official end. Brokers have already had to cope with the loss of a significant business area with the ban on binary options from 2018. The many cases of fraud in Forex/CFD/crypto trading by illegal brokers and scams have also made life very difficult for the regulated providers.
RIP 24 option. May the clients’ settlement work.