IQ Option Europe fined 450 000 euros by CySEC

IQ Option Europe, a broker providing Forex / CFD trading services, and previously also binary options, has been fined by CySEC with a fine of 450 000 euros, or approximately PLN 2. It's one from the highest financial penalties imposed by Cypriot supervision for Forex broker in history.

Punishment is the result of a settlement

In the message presented by the regulator, there are areas in which the broker committed offenses. They concern the provisions of the act on investment services and activities and on regulated markets (L.144 (Ι) / 2007) and the act on preventing and combating money laundering (L.188 (I) / 2007).

The infringements concerned:

• maintaining and functioning of effective organization and administrative arrangements relating to conflicts of interest,
• requirements regarding the assessment of the legitimacy of the provision of services and products offered to clients,
• identification of clients, due diligence, keeping records, evaluation and obtaining proper information about clients.

Analyzing the history of fines imposed by CySEC, you can see that its amount in the case of IQ Option Europe is very strict. What is most interesting, it is also the result of a settlement and cooperation undertaken by the entity in determining the violations. We can only guess the scale of the breaches committed by the broker ...

The official CySEC message