Cyprus Securities and Exchange Commission (CySEC) has ordered retail Forex and CFD broker RoboMarkets to stop providing non-monetary rewards to retail clients.

This becomes apparent from an announcement issued by regulator today.

At its meeting held in March 2023, the Board of CySEC decided that Robomarkets Ltd does not comply with Article 42 of Regulation (EU) 600/2014, as specified in paragraph 5 of DI 87-09, during the relevant time.

In particular, the broker has been found to be participating in activities that had as their object or result, the circumvention of the requirement of paragraph 4(1)(d) of DI 87-09 since, through its website, https://www.robomarkets.com , and social platforms linked to it, it provided its customers with a non-monetary reward.

In this respect, CySEC decided, pursuant to its power provided in Article 71(6)(b) of the Investment Services and Activities and Regulated Markets Law of 2017, Law, to order the company, to cease the conduct of participating, at all times, in any activity of providing non-monetary reward to its CFD retail clients. The order applies to rewards in the form of race tickets and branded merchandise.