FBI: Losses from binary options fraud run into the millions

[Sig]

The FCA doesnt want to regulate them, it would rather just ban them outright.
It knows the Intra day products, 5, 20 minutes and hourlies are pure gambling products and have no purpose whatsoever except parting money from suckers.
It will depend on how much pressure they come under from the spread bet companies and other vested interests.

Isn't gambling legal in the U.K.? I'm not super familiar with the law there and I know you are; why wouldn't they just embrace the gambling aspect, move over to being regulated by the same entity that regulates sports betting and horse racing, and keep on operating as they are? Do you see that as the ultimate outcome for them?

 

[mlawson71]

Right now binary options in the UK are, indeed, under the jurisdiction of the Gambling Commission (so I am assuming gambling is legal there), but due to the intense interest people display in trading binary options, i.e. they keep calling the FCA to ask information about it, the FCA will intends to certain types of binary options within its regulatory scope. The government's economic and finance ministry (HM Treasury) has issued a directive with which to do that, effective from 3rd January 2018.

Now whether that means they'll actually regulate them or ban them altogether remains to be seen.

 

[marketsurfer]

Lik

Isn't gambling legal in the U.K.? I'm not super familiar with the law there and I know you are; why wouldn't they just embrace the gambling aspect, move over to being regulated by the same entity that regulates sports betting and horse racing, and keep on operating as they are? Do you see that as the ultimate outcome for them?

Likely due to unfairness, radically skewed win/loss outcomes and manipulation? I really don't know but just a guess.

Remember the gambling house does not control the outcome of sports or games of chance -- but they do control the binary option data feed in all but regulated exchanges.

Is it the same thing with CFD's ?

surf

 

[Cheesy]

Also I don't agree with your assertions about short time frames and binaries being purely gambling products, I have an algorithmic edge in 1,2,5,20 min binaries and 5 min Spot Forex, 99% of the time the market is truly random, but with enough number crunching it is possible to find small pockets of edge, I tested both of my systems with in excess of 10,000 setups and the Binary system has been running live and very profitable since December 1 2015

Morpheouso,

What Binary Broker do you use?

 

[mlawson71]

The Israeli parliament – the Knesset – is due to discuss the eventual ban on offering binary options to clients abroad and accepting foreign clients by Israeli companies, local media report.

The so-called “Binary Options Act” will be tabled for deliberations by the country's Finance Minister Moshe Kachlon on June 18, 2017. The proposal has to go through two readings before becoming a law.

 

[mlawson71]

The Cyprus Securities and Exchange Commission (‘CySEC’) issued an announcement-warning on Tuesday with regard to Airfinance Pro Ltd. – a company which is no longer authorized to provide financial services, as its license was suspended by the commission and later renounced. The company operates several binary options brands, the most popular of which is BuzzTrade.

CySEC has given BuzzTrade three-month term from the date of termination of license (renounced in November, 2016) to settle all its obligations arising from the investment services provided, but the company has not yet informed the regulator that it has done that.