Is binary options watchdog review regulated in uk
All year long, the FCA has been battling fraudulent binary options brokers that have conned their clients. In a statement released by the FCA last week, the institution pointed out how weak binary options regulation was in the UK. Despite being tasked with regulating binary options, the Gambling Commission can only do so if the firm offering binary options have remote gambling equipment in the UK.
As you know, binary options trading does not require any physical equipment, as it is an online-based business. In effect, therefore, the reach of the Gambling Commission is blunted, encouraging the fraudulent activities observed.
These losses prompted the FCA to raid 20 offices in London where the binary options brokers were located. Unfortunately, the Gambling Commission does not have the same authority as does the FCA, hence the latter will now take up the role of binary options regulation. For example, is binary options watchdog review regulated in uk Gambling Commission cannot offer compensation to clients who lost money through these fraudulent activities.
Furthermore, they cannot conduct raids as those seen by the FCA. Up to now, the FCA did not oversee binary options because they were not considered to be financial instruments. This will have to change now after the watchdog is binary options watchdog review regulated in uk observed the need for tougher regulation. Therefore, instead of issuing further warnings or a futile attempt to ban binary optionsthe institution will monitor the industry. The new role of the FCA begins on the 3 rd of Januarybut until then, the Gambling Commission is still in charge.
Complaints on all binary options bets until the 2 nd of January should still be submitted to the Gambling Commission. Starting on the 3 rd of January, though, the FCA will be officially in charge of binary options regulation.
All binary options firms will need authorization from the FCA before they can operate, and be supervised by the FCA thereafter. Effectively, the binary options regulation by the FCA is bound to have a positive effect on the industry, which people seem reluctant to avoid.
Stay up to date with the financial markets everywhere you go. Comments 0 comment s Click here to cancel reply. Get the most recent news at your inbox Stay up to date with the financial markets everywhere you go.
Sign up for updates. View ICO See whitepaper. Dash Analysis is binary options watchdog review regulated in uk USD is getting closer. Verge XVG Analysis - so far, so good. Is binary options watchdog review regulated in uk Analysis - 2. ZCoin Analysis - What a reversal! Get the most recent news at your inbox.