WIKIFX REPORT: 24Option Owner Fined By Dutch Regulators

Rodeler Limited, the company behind 24option.com, has been fined €15k for failing to comply with an investigation by the Dutch financial supervisory authority. The regulator decided not to impose the maximum penalty of €2 million, citing the companys current financial condition. Read on for the details.

More Bad News For 24Option

The administrative fine was levelled against Rodeler Limited and its local entity, Rodeler (NL) BV, for violating the countrys General Administrative Law Act. The Netherlands Authority for the Financial Markets (AFM) began investigating the now debunked CFD trading platform for engaging in unfair commercial practices. The regulator also sought to determine whether the brand needed an AFM license to offer retail trading services.

During the investigation, the AFM requested recordings of telephone conversations between Rodeler and its clients. However, the firm failed to provide the requested recordings, breaching its regulatory obligations.

The fine was imposed on the Cypriot parent organisation as the AFM believed the management team at Rodeler Limited played a key role in the local Dutch violations.

This isnt the first regulatory issue Rodeler has encountered. The company voluntarily withdrew its Cyprus Investment Firm license earlier this year following a series of issues and complaints. Rodeler has also been on the receiving end of multiple fines from the Cypriot regulator for a variety of compliance breaches.