CySEC Punishes Broker for Infractions

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Binary Options Broker 2020!
    Best For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-Up Bonus Now:

  • BINOMO
    BINOMO

    Only For Experienced Traders.

CySEC Punishes Broker for Infractions

By Lex Yaranu | Friday, August 28th, 2020

As the binary options market deepens with more stringent measures applied by regulators for market infractions, traders will get to see more news about which brokers are in right standing and which ones are not.

On August 3, 2020, the Cyprus Securities and Exchange Commissions (CySEC) which acts as the regulatory watchdog for the binary options market in Cyprus, released a statement concerning a decision it had reached on several complaints about the activities of Banc de Binary. Banc de Binary was fined 22,000 Euros for contravening sections of the Prevention and Suppresion of Money Laundering and Terrorist Financing Law DI144-2007-08 of 2020. This law was passed by the Cypriot government to prevent the use of the Cypriot financial system as a conduit for terrorist financing and money laundering. As part of the requirements of brokers to qualify as CIF which can operate as binary options brokers in Cyprus. clients of brokerage firms are required to make certain disclosures as to the source of funds to be used for binary options trading, in addition to fulfilling Know Your Customer (KYC) requirement of submitting a government issued ID and a proof of residence document.

The finding though is that not all brokers follow these rules strictly. There is a lot of competition for clients as the number of brokerage houses offering European-style binary options has increased dramatically in the last two years. Some firms may therefore not follow the laid down procedures of identifying customers and their means of income before allowing them to operate binary options accounts.

By coming out to sanction Banc de Binary, CySEC has made yet another statement in its quest to ensure that the binary options marketplace in Cyprus is sanitized and that brokers operating with its license comply with the laws of the land.

This is not the first time that Banc de Binary is finding itself at odds with a regulator. In 2020, it had issues with the Commodities and Futures Trading Commission (CFTC) which regulates binary options in the US. The CFTC accused the company of illegally soliciting US clients. In the US, it is illegal for companies that operate outside of the CFTC’s jurisdiction to solicit and operate binary options accounts for US citizens and residents.

For now, Banc de Binary is still able to conduct binary options brokerage business as its license was not suspended by CySEC. It is therefore still open for business but new clients can expect a much tougher account opening regime by this broker.

Binary Options News & Analysis

Latest news and developments in the financial markets with special emphasis on binary options. If you would like to submit your binary news for publication on this website please contact us at info (at) winatbinaryoptions.com.

CySEC Punishes Broker for Infractions

As the binary options market deepens with more stringent measures applied by regulators for market infractions, traders will get to see more news about which brokers are in right standing and which ones are not.

Recent ASIC License Cancellations

The Australian Securities and Investment Commission (ASIC) is continuing its renewed focus on the retail Over the Counter (OTC) derivative market in Australia, which is where margin spot FX and binary options fall into.

Two Offshore Brokerage Companies Stop Providing Unlicensed FX Services

Last week, we write about the ongoing collaboration between the Australian Securities and Investment Commission and Japan’s Financial Service Authority (JFSA) to stop brokers not licensed to provide binary options within each countries to stop soliciting clients across their borders.

Worsening Chinese Data Spooks Asian Markets

When China announced a new policy of slower but more sustainable growth with a 7% GDP target for 2020, many analysts lauded the new policy but wondered if the targets would be attained. Several months down the road, it seems that the central government was probably too optimistic with its projections.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Binary Options Broker 2020!
    Best For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-Up Bonus Now:

  • BINOMO
    BINOMO

    Only For Experienced Traders.

Market Routs Continue on Black Monday

$490 billion! That is the value of the selloff that occurred on August 24, 2020 across stock markets, commodities markets and currency markets. Market players have heard the term Black Monday before, only that this year, Black Monday seems to have come very early.

How is China’s Bad News Affecting Emerging Market Currencies?

These are not the best of times for emerging markets, but could turn out to be the sweetest period of the year for binary options traders. It looks like China’s woes are taking more of a toll than most people thought, and most of that till is being taken by emerging markets.

Thursday’s Market Rout: Is it 2008 All Over Again?

Thursday August 20, 2020 saw the biggest stock market rout in more than 18 months, as traders digested the worsening commodity price slump and began to rethink widely held views of an imminent Fed interest rate hike in September.

ASIC Restricts Brokers from Signing Japanese Traders

In what seems to be a move at protectionism and plugging any leaks in the system, the Australian Securities and Exchange Commission (ASIC) has at the request of Japanese regulator JFSA, withdrawn its support for non-Australian traders on binary options platforms.

Binary.com Introduces New Charting Software

Binary.com, formerly BetonMarkets, continues to forge the path of innovation in the binary otions market with the release of two new charting software, HighCharts and TradingView Charts.

New Platform Provider Makes Entry into US Binary Options Market

Hello Markets, which is one of the new binary options companies that has operated out of Cyprus, is set to make a grand entry into the US market.

Fallouts from the Chinese Yuan Devaluation

The People’s Bank of China (PBC) took the financial world by surprise by devaluing its currency, the Chinese Yuan Renminbi for three days in a row. By cutting the reference rate for the Yuan, the Chinese apex bank spooked the markets and sent the equities markets and price of commodities downwards.

Malta Financial Services Authority Publishes New Rules for Binary Options Operators

The Maltese Financial Services Authority (MFSA) has finally made public its comprehensive set of rules regarding the conduct of binary options brokerage business in the tiny island.

Russia’s New Forex Law to Kick In October 2020

Barring any last minute amendments, Russia new Forex law, which was signed by Russian President Vladimir Putin, will see a whole new set of rules governing the Russian Forex industry as from October 1, 2020. The law therefore places Russia on the same pedestal as the United States, the UK, Japan and Malta as countries which operate a set of national forex laws.

The Important Details behind Malta’s New Binary Options Regulation

Those e ngaged in binary options trading are watching with interest the developments with Malta’s new regulation. The binary options trading license issued within the MiFID framework affect the ability of traders, unless the binary options is accepted and permitted in the particular EU Member State. The changes in Malta’s policy could impact how others in framework will approach this type of trading.

Emerging Theories on Binary Options Trading and Market Bubble Risk

Some market watchers are debating whether warnings of bubbles looming on the market will affect binary trading. When bubbles such as the one seen in the United States real estate market burst in 2008 the sudden drop affected not only real estate investments, but also a host of related and seemingly unrelated markets as well. Because binary options trading is less about “hedging” than other markets some theorist speculate it could be hit the hardest, while others theorize the opposite.

Outlook of Gold with Today’s FOMC Policy Meeting

As traders and financial experts wait in anticipation for the results of the FOMC policy meeting that are to be released today, July 29, 2020 at 2 PM ET, the gold outlook continues to look grim for many investors. Last Friday, gold was the lowest it has been in the last 5 ½ years, and it has been continually dropping over the last 5 weeks.

Be Prepared for the Release of the FOMC Statement

Eight times throughout the year, the Federal Open Market Committee (FOMC) meets to discuss the overall state of the economy and to decide on interest rates. History has shown that the release of their decision nearly always stirs up the markets, making it a great time to get some trading in, particularly in the Forex markets.

Overview of Malta’s New Binary Options Policies

The Malta Financial Services Authority (MFSA) has recently put out a circulation on the policies they have for binary options traders and their licenses. The policies have been put into place to increase existing safeguards because of the complexity of binary options and the high risks that come with them. This means that those who wish to be licensed binary traders will have to be under the standard rules of those with Investment Services Licenses as well as additional regulations.

Housing Data and Mixed PMI Triggers EUR/USD Stumble

The EUR/USD took a slight stumble on Friday. This fall reverses some of last session’s gains. The data is mixed on both continents, but housing and the mixed data are blamed.

Consumer confidence might be the blame for issues in Europe where the Markit flash euro zone PMI fell to 53.7 in July.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Binary Options Broker 2020!
    Best For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-Up Bonus Now:

  • BINOMO
    BINOMO

    Only For Experienced Traders.

Like this post? Please share to your friends:
Binary Options Theory and Practice
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: