Russia’s self-regulatory authority CRFIN has announced today that it has welcome another company into its fold, this time the Russian division of Rodeler, the parent company of binary options brands ZoneOptions and 24Option.
Although announced today, the non-profit partnership which oversees the conduct of non-bank financial services companies in Russia, approved Rodeler’s Russian operations on October 13 this year.
Whilst Rodeler began its enterprise as a provider of binary options, the firm ventured into retail FX in March this year, with the launch of 24FX.
In terms of corporate structure, Rodeler’s ownership of the two binary options brands which merged in December last year came to fruition as a result of 24Options’ sale to Rodeler by previous owner Cbay Financial Services Ltd which in turn renounced its own CySec license the same month.
Rodeler maintains CySec licensing for both brands, in congruence with its 24FX retail FX operations.
As Russia’s Duma continues to tread the long and painstaking road toward state operated financial regulation, many companies are gaining interest in operating in the region, with advantages being the potentially large client base from the Commonwealth of Independent States, and also to benefit from Russia’s commercial alignment with China, a veritable land of opportunity for retail FX firms.
For the full announcement, click here.