RoboMarkets CySEC settlement reached €100,000 after the Cyprus Securities and Exchange Commission reviewed possible breaches tied to investment services rules and retail CFD restrictions.
CySEC said RoboMarkets Ltd has already paid the amount. The regulator did not name the exact practices or incidents behind the possible violations. However, it said the case covered several parts of the broker’s business.
The review looked at organisational requirements, client information, and the process used to test whether products were suitable for clients. Additionally, CySEC examined whether the company followed rules on the marketing, distribution, and sale of CFDs to retail clients.
RoboMarkets CySEC Settlement Review Scope
Under Cypriot law, CySEC can settle cases when it has reasonable grounds to believe a supervised law may have been breached. In this case, the regulator published a notice on the settlement. Meanwhile, RoboMarkets had not responded to a request for comment by the time of publication.
This is not the first action involving the broker. In 2023, CySEC told RoboMarkets to stop offering non-monetary rewards to retail clients. Those rewards included race tickets and branded merchandise. The regulator said that practice breached EU product-intervention rules on CFDs.
Broker Expands Focus in the Middle East
Meanwhile, the source article said RoboMarkets has moved away from retail CFDs in Europe and increased its focus on the Middle East. The group obtained a Category 1 licence from Dubai’s Securities and Commodities Authority for Robomarkets MENA for Financial Brokerage.
The entity was set up in July 2024. According to the source, that licence allows the firm to offer securities dealing and brokerage services. It also covers trading in global markets, non-exchange-traded derivatives, and spot FX.
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Source: Finance Magnates
