Cyprus’ CySEC revokes €20,000 fine on binary options broker IQOption

Cyprus’ CySEC revokes €20,000 fine on binary options broker IQOption

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The Cyprus Securities and Exchange Commission (CySEC) said over the weekend it has revoked its decision to impose a fine to locally regulated binary options broker IQ Option Europe, doing business as IQOption, in relation to non-compliance with the rules.

The regulator revoked a €20,000 administrative fine related to non-compliance with section 38 of the Investment Services and Activities and Regulated Markets Law.

In September 2016 the CySEC imposed a series of administrative fines to the broker, amounting to a collective €180,000. The figure included the €20,000 amount which the Cypriot regulator has just revoked. At the time, the CySEC said the broker was fined since it did “not take all the reasonable steps to obtain, when executing orders, the best possible result for its clients, since due to the strike and expiry prices used, in comparison with market prices of the underlying assets, μέσου, resulted in loss making trades for clients, rather than profitable trades”.

The revocation decision was adopted on 19 December, 2016,  by the CySEC Board and was announced just now. No additional information was available in English. No judicial review has been performed.

IQ Option Europe is licensed by the CySEC and registered with a number of other EU regulatory bodies, including in the UK, Italy, Spain, Germany, the Netherlands, and others. The broker offers binary options trading in currencies, stocks, indices, etc. It claims to handle some 3 million deals per day and generate about $11 million trading volume each month (data provided for 2016).

The CySEC licenses, supervises, and regulates players on the local capital market. Its managing board consists of five members, each one of which serves a term of five years.

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