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Cyprus’ financial watchdog, the Cyprus Securities and Exchange Commission (CySEC) the investment firm Ouroboros Derivatives Trading Ltd a total of EUR 235 000 for non-compliance. The company operates the Anyoption binary options broker.
According to the CySEC statement, the fines are eight, ranging from EUR 10 000 for two failures to comply with its authorization conditions, to EUR 70 000 for providing unauthorized financial services. There is also a EUR 15 000 fine for failing to inform the clients of the risk of binary options trading, are also two fines of EUR 40 000 each for failing to ask their clients about their trading experience and not acting fairly and in its customers’ best interest in relation to the terms and conditions for the granting of benefits (trading bonus) and the practices applied in this respect. The CySEC fined Anyoption another EUR 20 000 for not taking measures to avoid unjust aggravation of the operational risk and facilitate the Commission’s supervision. An EUR 30 000 fine was imposed for providing unfair and misleading information on its website and advertising materials.
The CySEC has taken into consideration the amount of administrative sanctions provided in the relevant legislation, the gravity of the violations and the fact that the company has taken or is in the process of taking measures to remedy the situation.
Anyoptions is a binary options trading platform launched in 2008 and regulated by the Cyprus Securities and Exchange Commission (CySEC). It offers trading in currencies, indices, commodities and stocks.
Recently the CySEC has been actively dishing out fines to various brokers. Since the beginning of this year the watchdog fined the forex broker CommexFX a total of EUR 150 000 for dealing on own account and submitting false documents.
The BDSwiss forex broker was fined EUR 5000 for noncompliance with the Investment Services and Activities and Regulated Markets Law. The SpotOption Exchange binary options market maker was fined EUR 10 000 for the same offence.