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BDSwiss binary options broker pays €150 000 in settlement

Jan 23 2017
By
Jonathan Smith

 The Cyprus Securities and Exchange Commission (CySEC) said it has reached a €150 000 settlement with the forex and binary options broker BDSwiss. The sum has already been paid to the coffers of Cyprus. 

 
According to the announcement, the decision was taken in December 2016 and is based on a settlement between the regulator and the broker over violations of the regulation requirements. 
 
As per the document, the violations concerned internal reviews and procedures regarding conflict of interest and avoidance of operational risk and disruption of services provided to clients. The CySEC has also found that BDSwiss has failed to act honestly and fairly and professionally in accordance with the best interests of its clients, has failed to inform them of costs and risks and did not ask them of their trading experience.
 
This is not the first time CySEC fines BDSwiss. In 2016 it was fined a total of EUR 5000 for noncompliance with procedures and resources and failure to act honestly and professionally in accordance with the best interest of the clients.
 
BDSwiss is a forex, CFD and binary options broker that is based in Cyprus and is regulated by the CySEC. It offers trading in more than 200 underlying assets. For forex the maximum leverage is up to 1:500 and the spreads start from 1 pips for EURUSD. The company claims to have more than 500 000 international clients.
 
 
TAGS: BDSwiss  settlement  cysec  violations  fine  forex  binary options broker 

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