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The European Securities and Markets Authority (ESMA) announced on Monday that it extends the restrictions imposed on binary options for another three-month period. More specifically, ESMA renews the prohibition on the marketing, distribution or sale of binary options to retail investors as of today, October 2, 2020.
The renewal of the restrictions imposed on binary options does not come as a surprise, as ESMA announced its intentions to extend it a further three-month period in August. Back then, the regulator also announced some changes to the renewal, excluding certain long-term options from the scope of the prohibition.
Previous week ESMA has also agreed to extend the restrictions imposed on the sale, distribution, and marketing of contracts for differences (CFDs) until the end of January 2020. The regulator has not changed any of the provisions which it initially announced in March this year. These include a leverage cap of 1:30 for forex majors, provision of negative balance protection on a per account basis, preventing the use of incentives such as bonuses by brokers and a requirement for the latter to state how many of their clients lose money with them.
We remind you that the pan-European regulator introduced the ban on binary options and the restrictions on CFDs in July, 2020 due to investor protection concerns. According to the Markets in Financial Instruments Regulation (MiFIR), ESMA can only introduce temporary three-month measures, but before the period expires, the regulator can review the results and consider a further extension for another three month-period.
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ESMA announces start date of binary options ban
The European Securities and Markets Authority (ESMA) has announced that its ban on binary options will start from 2 July 2020 onwards.
This ban will last an initial three months and renewed as ESMA deems necessary.
Once the ban comes into effect, we will no longer offer binary options on financial assets to retail clients residing in the European Union (EU). All open trades will be carried to term.
We are working hard to implement products such as lookback options, spot FX, and contracts for difference (CFDs) for retail investors in the EU, in line with the appropriate regulations.
We will also continue to offer binary options on Volatility Indices which remain unaffected by the ESMA ban.
Retail clients may also upgrade to professional client status in order to continue trading binary options on financial assets such as currencies and indices.
We thank all affected clients for their patience and understanding in this matter.
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