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CySEC considers banning binary options altogether

The Cyprus Securities and Exchange Commission (CySEC) considers banning binary options trading altogether, reported Finance Magnets. The online media cited CySEC Head, Demetra Kalogerou, who delivers a speech at the iFX Expo International 2017 on Thursday.

 

The Cypriot financial watchdog is still conducting consultations on the matter, but highlighted the main problems with binary options: non-transparent pricing and conflict of interest. That is why the commission considers that probably “It will be more appropriate to suggest binary options only to professional traders,” as stated by Demetra Kalogerou.

 

Miss Kalogerou further explained that these measures are considered as a part of CySEC’s mission to ensure high-quality and transparent investments. Recently the regulator has imposed the largest set of fines on CIFs, amounting to $4 million, and obviously intends to keep it up. What is more, in December 2016 the Commission issued some circulars, aimed at tightening the control on forex and binary options brokers. CySEC then urged CIFs to set the default leverage levels at 1:50, to allow same-day withdrawals, and to avoid the practice of trading bonuses, in line with ESMA’s guidelines.

 

Apart from introducing tougher rules on companies that provide complex investments, CySEC plans to conduct product monitoring and product intervention in order to insure full compliance with legal rules and standards. Additionally, Kalogerou said CySEC intends to introduce regulations on fintech and blockchain, as well as crowdfunding platforms in the near future.

 

Binary options are the most controversial over-the-counter (OTC) financial product, as it is the closest to gambling. Cyprus has become the most popular hub for binary options brokers, after Israel banned the offering of such products within the counntry, as well as abroad and forced all call centers of such brokers to shut down.

TAGS: CySEC  binary options  regulation 
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