FCA BANS SALE OF ‘GAMBLING’ BINARY TRADES TO CONSUMERS

ShareCast on 29^th March reported that the FCA has imposed a permanent ban on the sale of binary options to retail consumers to cut the risk of fraud.  All firms acting in or from the UK are barred from selling, marketing or distributing of binary options.  It said binary options were gambling products disguised as financial transactions.  The FCA had already adopted the EU’s temporary restrictions on the sale of binary options but it has now made the ban permanent starting on 2^nd April.

https://www.sharecast.com/news/news-and-announcements/fca-bans-sale-of-gambling-binary-trades-to-consumers–3815587.html

http://www.mondovisione.com/media-and-resources/news/uks-financial-conduct-authority-confirms-permanent-ban-on-the-sale-of-binary-op/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017