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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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More Forex Market NewsCySEC relexes reporting rules for brokers amid corona outbreakBecause of the extraordinary situation in the wake of the corona virus outbreak the Cyprus Securities and Exchange Commission (CySEC) gave its brokers more time to report their annual volumes. The original deadline for submitting the reports was April 12. Read more Sharp rise in corona virus scamsCoronavirus related fraud has increased by 400% in March, Manchester City Council reports, citing data from Action Fraud, which has received over 100 reports from victims who have lost nearly 1 million GBP. Read more FCA eases reporting deadlines for regulated companiesIn the wake of the coronavirus pandemic the Financial Conduct Authority (FCA) in the UK grants regulated firms additional 6 months to publish audited annual reports. The concern is that many companies may be pressured financially because of the increased market volatility. Read more CFTC hinders leveraged crypto tradingIn a new guideline published on Tuesday the Commodity Futures Trading Commission (CFTC) in the U.S. defined what an “actual delivery” of a digital asset means. Read more Scammers use extortion e-mails threatening victims with coronavirusSophos, an IT security company reports of a new form of scam where criminals send extortion e-mails to victims, threatening to infect them and their families with coronavirus unless they pay 4000 USD in digital currencies. Read more The Swedish Finansinspektionen warns against JTtraderThe Swedish Financial Supervisory Authority (Finansinspektionen or FI) warned against unregulated broker JTtrader on Monday. Read more SEC charges former US senator with $4.3 million crypto scamThe United States Securities and Exchange Commission (SEC) has filed a complaint against David Schmidt, a former Republican state senator, as well as two other people for their role in the alleged $4.3 million crypto scam “Meta 1 Coin”. Read more ASIC changes its priorities amid CoVID outbreakThe Australian Securities and Markets Authority (ASIC) will suspend some of its supervisory activities that are not “time critical”, as the regulator focuses on its coronavirus response. Read more CFTC warns against corona scamsThe Commodity Futures Trading Commission in the U.S. has issued a warning against the alarming rate at which corona virus related scams have flooded the markets, preying on the fear, uncertainty, and doubt in the wake of the pandemic. Read more Coronavirus: Global economic outlook and tips for tradersESMA announces start date of binary options banShareThe 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. Looking forwardWe 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. Ready to start?Trade in the world’s financial markets in a simple, user-friendly platform. Partner with usWe provide business partnership services like API, White Label etc. Become an FT subscriber to read:
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