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The French financial regulator lifts the ban on 24Option

Jun 26 2017
By
Jonathan Smith

In a press release on Monday the French financial regulator, Autorité des marchés financiers (AMF) announced that it lifts the ban on binary options broker 24Option. The broker will be able to resume the provision of its financial services in France as of July 3 this year.

 

In August 2016, the AMF found that Rodeler Limited, operating the 24Option brand, had failed to comply with certain professional obligations, henceforth its activities in France have been forbidden on the grounds of Article 62 of the Markets in Financial Instruments Directive (MiFID). The broker is licensed by the Cyprus Securities and Exchange Commission (CySEC) and according to the MiFID regulations is generally allowed to provide its services in France, as well as in all EEA-countries.

 

Acting in line with AMF’s instructions following the ban, 24Option blocked all French traffic to the site and also said it is “working with the regulator to solve this situation as soon as possible.”

 

Taking into account the measures taken by this service provider to remedy the situation, the AMF announces today the lifting of this ban, which will take effect from 3 July 2017,” the regulator stated in the announcement, without specifying the remedies in question. 

 

Previous week 24Option announced a strategic partnership to bolster its Forex and CFD trading, launched in November, 2016. This is not the only binary options broker to shifts its focus to CFD trading on the MT4 lately, as the regulatory pressure against binary options brokers is escalating worldwide. Some brokerages, like  Banc De Binary even had to renounce their licenses and shut down

 

So, this is good news for 24Option, which has had a number of difficulties lately with numerous financial regulators. Most recently, the broker was included in the warning list of New Zealand’s regulator, the Financial Markets Authority (FMA). In March this year 24Option had to close its Israely call center on back of the harsh local regulatory requirements. In September 2016, the broker was denied license by the Central Bank of Russia. Back in August 2016, Rodeler Ltd. had to pay €140,000 in settlement with Belgium’s Financial Services and Markets Authority (FSMA) for not complying with the local regulation. 

TAGS: 24Option  binary options  AMF  regulation  ban 

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