CySEC fines EUR 10 000 SpotOption Exchange

CySEC fines EUR 10 000 SpotOption Exchange

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The Cyprus Securities and Exchange Commission (CySEC) has imposed a fine of EUR 10 000 on the SpotOption Exchange binary options market maker for violations of the Investment Services and Activities and Regulated Markets.

According to the announcement, the Commission has decided to impose two fines of EUR 5000 each for breaches of the law, committed in May and June 2014. The first one is for failure to comply with authorization conditions regarding procedures and resources. The second fine is for failure to act honestly and professionally in accordance with the best interest of the clients. Both are apparently connected to the case of the forex and binary options broker BDSwiss, which CySEC fined EUR 5000 for the same violations.

The fine for SpotOption is twice that of BDSwiss, because the Commission found that the market maker forced the broker to breach its authorization conditions.

The maximum penalty for such breaches is EUR 300 000, but CySEC imposed a much smaller fine because this was the first offense of SpotOption and it has meanwhile applied stricter procedures and additional control mechanisms.

SpotOption Exchange has a business address in Limassol and is regulated by the CySEC. It is the liquidity provider of some of the major binary options brokers such as Banc de Binary, AAAFx, FXCC, FXDD, OptionTrade, Dragon Options, etc.

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