Binary Options Regulation, A New Sheriff In Town

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Binary Options Regulation, A New Sheriff In Town

Binary options regulation is a hot issue today for traders and brokers alike. The wild west atmosphere of the online digital binary options industry is starting to calm down and now there is a new sheriff in town. Regulation first started with the CFTC in the U.S. and was later followed by regulatory action by CySEC in the EU and the FSA in Japan. Now, the South American nation of Uruguay has stepped onto the scene as well. Brokers, regulators and government officials have come together under Law 15921 to provide a safe environment for both traders and brokers alike. The law is broad and intended for the set-up of Free Trade Zones in order to stimulate international trade, trade that includes financial and other trading services.

Uruguay Free Trade Zones

The Uruguay Free Trade Zones were set up in the late 80’s after the passing of Law 15921. The senate and House of Representatives of the Oriental Republic of Uruguay, a meeting of the general assembly, passed the legislation as a “matter of national interest”, as the statute itself states. The zones are intended for the promotion and development of Uruguay businesses in order to make them more attractive and competitive on the world market. The zones are also used to attract foreign investment in Uruguay business. Within the law there are a few areas of particular interest to binary traders and the industry at large. For one, Article 2 defines how the zones are to be used. Trading of financial and material goods are one use, also included are “all types of services not restricted by national law” and “other activities that may prove beneficial to the economy”.

Article 5 is where is it really starts to get interesting in the perspective of regulation. It’s one thing to set up a place where a broker can open shop, it’s another to provide an actual framework of regulation and oversight. The Uruguay Free Trade Zones are regulated by the Ministry of Finance through the Free Trade Zone Bureau, an agency set up to operate the zones, approve applications and enforce sanctions. The bureau is assisted by an advisory committee consisting of five people both elected and appointed. The job of the bureau and the advisory committee is to ensure that zones and businesses within them are operated in the best interests of Uruguay.

In article 10 the application process is laid out. All private businesses must prove through an application process that their business is feasible. They must also show that it is a benefit to the economy as well as in the best interests of Uruguay. Those not complying with the application process or with regulations following approval are subject to fines up to 12.5 million Uruguayan Pesos, a hefty sum in any currency. Further on in the legislation, Article 16, contract specifications are laid out in such a manner that all contracts between users of the FTZ are void unless approved by the FTZ Bureau.

Financial Services In the Uruguay FTZ

The part of Law 15921 that really packs a punch when it comes to binary options is article 38. “There shall be total freedom for entry and exit for all securities, local or foreign currencies, precious metals, for any reason including but limited to holding, trading, circulating, converting and transferring. An article that neatly encompasses the myriad aspects of binary options trading. Uruguay has made binary options a matter of national interest because the country’s legislators think they are of benefit to the economy. They have provided a safe place for brokers to open their doors and made it unequivocally legal to trade the financial security we know and love as digital binary options.

EmpireOptions is the first broker to open shop in the FTZ. The broker has been around for a year or two but has recently undergone some great changes. First they changed the way they handle your accounts. No longer are your accounts rewarded with bonuses that make withdrawals impossible. They now reward larger account holders with benefits such as free unlimited withdrawals and/or immediate withdrawals. EmpireOption is built on the SpotOption trading platform so it has all the great features of the best SpotOption brokers. Unlike all other SpotOption brokers EmpireOption has remained a stand alone company under the law and regulation of Uruguay which means they are not tied into the SpotOption banking and cashier system. Click here for more on Uruguay Binary Options Regulation.

NYStockoptions

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It surprises me that people just don’t seem to learn from history. What am I talking about? A new binary options fraud the level of which I have never seen since Banc De Binary’s attempt to enter the U.S. market. They tried to use press releases, false addresses and misleading information to lure the public into thinking that they were at least operating in New York if not actually in talks with the CFTC for regulation. What did they get? A firm smack on the wrist and denied access to U.S. markets. Will that be the end result in this new case, I don’t know but what I am sure of is that NYStockOptions.com better be ready when the CFTC and the SEC come knocking on their door. Banc De Binary at least had CySEC to help protect them, they are still in business. I’m not so sure about NYStockOptions.

A New Regulated Broker In Town

NYStockOptions is a new broker with new regulation. They maintain offices in New York city, are regulated by the IFR and operate on the TradoLogic binary options platform. The platform itself is fine but I found the expiry to be very limited, in fact there were only intra-day expiry, not counting the short term 60 Second and other Turbo style options, for everything except High/Low trading and that only has end of the month for long term trading. The asset list is quite good, with indices from around the world, 14 major forex pairs, 8 different commodity trades and a healthy number of international stocks. Options available for trading include standard digital options, Turbo (speed trading/60 Seconds), Range and Touch.

On face value the broker appears to be on the level but because I know better it only took a little digging to uncover the truth. First of all, it is not legal to operate spot binary brokerages in the U.S. Any claims to the contrary are completely false. If this were not the case then the CFTC would not have cracked down on BDB in the first place. Now, moving on to the location of the offices. The name of the company and other underhanded tactics will lead you to believe this is a legitimate NY based operation but oh no my friend, oh no. The name, NYStockOptions, is the first draw. It sounds legit, right? New York, stock options, they go together like peanut butter chocolate. However, as a wise man once said, A rose by any other name would smell as sweet.

This company is in fact based in Belize. If you take the time to read the fine print you will find that the address listed in New York, 41 Madison Avenue 31 st floor, is actually a virtual office called Regus.com. Regus provides a number of virtual office services including email, physical mail and phone answering. An easy way for any business any where in the world to create the illusion of U.S. residence. This broker is actually based in Belize and even go so far as to put the words “United States” after the Belize address, seriously. As for regulation, it is really no better. The IFRA or International Financial Regulatory Agency, Inc, is an independent international financial regulator with no authority whatsoever except for that granted by itself and those who choose to register with it. Which I think may be limited to NYStockOptions.com because they are the only ones I can find listed. . . and because the IFRA is yet another dummy front corporation operating out of a virtual office run by Regus, go figure.

Adding to the depth of the fraud being perpetrated by this broker is another sister website called NYSOHedge, located at NYSOExchange.com. This website is a so-called hedge fund located at the same New York address as NYStockOptions. The hedge fund uses aggressive growth tactics with three different account types based loosely on actual U.S. investing requirements. Their “certified” investor must have an account of over $100,000, the “margin” account requires a minimum of $25,000, the same requirement for an actual margin account for trading futures, etc. This account is guaranteed from loss because the “hedge all investments”. BS!

This broker and the associated hedge fund are not to be trusted. Even if they are on the level, and that is a very big if in my opinion, you have to assume that they are going to get shut down, and shut down hard, by the CFTC and/or SEC very very soon. But, if they are on the level, why go to so much trouble to make it look like they are based in the U.S. and regulated when in fact they are not?

Here are links to all pertinent websites and information.

Regulatory Information

Binary.com is a licensed and regulated trading platform that serves over 1,000,000 customers globally. We hold multiple licenses to comply with regulations around the world. Since 1999, we’ve served our clients with a constant and unwavering commitment to integrity and reliability. We always hold ourselves to the highest ethical standards, in addition to our regulatory requirements.

Binary Limited

Binary Limited, with registered office at 47 Esplanade, St Helier, Jersey JE1 0BD, Channel Islands, is the holding company for the subsidiaries listed below.

Binary Investments (Europe) Ltd

Binary Investments (Europe) Ltd, W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta. Licensed and regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority (licence no. IS/70156).

European Union residents who wish to trade investment products will have their accounts opened with Binary Investments (Europe) Ltd.

EU Passport Rights

Binary Investments (Europe) Limited is entitled to provide services in another EU Member State through EU passporting rights. Refer to the map below for the list of EU countries that have access to Binary.com via EU passporting rights – freedom to provide cross border services.

Pillar 3 Disclosures

The Pillar 3 disclosure report of Binary Investments (Europe) Limited has been prepared in accordance with the Capital Requirements Directive IV and the Capital Requirements Regulation. Read our Pillar 3 disclosure report to understand how we comply with market discipline as a market participant.

Key Information Documents

These documents provide you with key information about our investment products. This information is required by law to help you understand the nature, risks, costs, potential gains and losses of these products and to help you compare them with other products.

RTS 28

RTS 27 2020

Q1 2020

Q2 2020

Q3 2020

Q4 2020

RTS 27 2020

Q3 2020

Q4 2020

Binary (Europe) Limited

Binary (Europe) Limited, W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta. Licensed and regulated (for gambling products only – Binary.com’s Synthetic Indices) by the Malta Gaming Authority in Malta (licence no. MGA/B2C/102/2000) – view licence and also maintains an Irish licence. For UK clients by the UK Gambling Commission – view licence.

European Union residents who wish to trade gambling products will have their accounts opened with Binary (Europe) Limited.

Regulator:

Binary (IOM) Limited

Binary (IOM) Limited, First Floor, Millennium House, Victoria Road, Douglas, Isle of Man, IM2 4RW. Licensed and regulated by the Gambling Supervision Commission in the Isle of Man (current online gambling licence granted on the 31 August 2020) – view licence and for UK clients by the UK Gambling Commission – view licence.

UK and Manx residents who wish to trade gambling products will have their accounts opened with Binary (IOM) Limited.

Regulator:

Binary (SVG) LLC

Binary (SVG) LLC, Hinds Buildings, Kingstown, St. Vincent and the Grenadines; company number 25299 BC 2020.

Clients from the rest of the world (excluding certain countries such as the USA, Canada, and Hong Kong) will have their account opened with Binary (SVG) LLC.

Binary (V) Ltd

Binary (V) Ltd, Govant Building, Port Vila, PO Box 1276, Vanuatu, Republic of Vanuatu. Licensed and regulated by the Vanuatu Financial Services Commission – view licence.

Clients from the rest of the world (excluding certain countries such as the USA, Canada, Hong Kong) will have their FX and CFD Metatrader 5 account opened with Binary (V) Ltd. Binary.com is not available in the Republic of Vanuatu.

Regulator:

Binary (BVI) Ltd

Binary (BVI) Ltd, Kingston Chambers, P.O. Box 173, Road Town, Tortola, British Virgin Islands. Licensed and regulated by the British Virgin Islands Financial Services Commission – view licence.

Clients from the rest of the world (excluding certain countries such as the USA, Canada, Hong Kong) will have their FX and CFD Metatrader 5 account opened with Binary (BVI) Ltd. Binary.com is not available in the British Virgin Islands.

Regulator:

Binary (FX) Ltd

Binary (FX) Ltd., Lot No. F16, First Floor, Paragon Labuan, Jalan Tun Mustapha, 87000 Federal Territory of Labuan, Malaysia. Licensed and regulated by the Labuan Financial Services Authority to carry on a money-broking business (licence no. MB/18/0024).

Clients from the rest of the world (excluding certain jurisdictions such as the USA, Canada, Japan, and the European Union) who wish to trade CFDs will have their MetaTrader 5 account opened with Binary (FX) Ltd. Binary.com is not available in Malaysia.

Regulator:

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In the EU, financial products are offered by Binary Investments (Europe) Ltd., W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta, regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority (licence no. IS/70156).

Outside the EU, financial products are offered by Binary (SVG) LLC, Hinds Building, Kingstown, St. Vincent and the Grenadines; Binary (V) Ltd, Govant Building, Port Vila, PO Box 1276, Vanuatu, regulated by the Vanuatu Financial Services Commission (view licence); Binary (BVI) Ltd, Kingston Chambers, P.O. Box 173, Road Town, Tortola, British Virgin Islands, regulated by the British Virgin Islands Financial Services Commission (licence no. SIBA/L/18/1114); and Binary (FX) Ltd., Lot No. F16, First Floor, Paragon Labuan, Jalan Tun Mustapha, 87000 Labuan, Malaysia, regulated by the Labuan Financial Services Authority to carry on a money-broking business (licence no. MB/18/0024).

This website’s services are not made available in certain countries such as the USA, Canada, Hong Kong, Japan, or to persons under age 18.

The products offered via this website include binary options, contracts for difference (“CFDs”) and other complex derivatives. Trading binary options may not be suitable for everyone. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, the products offered on this website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money. Before trading in the complex products offered, please be sure to understand the risks involved and learn about Responsible Trading.

In the EU, financial products are offered by Binary Investments (Europe) Ltd., W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta, licensed and regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority (licence no. IS/70156).

In the Isle of Man and the UK, Synthetic Indices are offered by Binary (IOM) Ltd., First Floor, Millennium House, Victoria Road, Douglas, IM2 4RW, Isle of Man, British Isles; licensed and regulated respectively by (1) the Gambling Supervision Commission in the Isle of Man (current licence issued on 31 August 2020) and by (2) the Gambling Commission in the UK (licence reference no: 39172).

In the rest of the EU, Synthetic Indices are offered by Binary (Europe) Ltd., W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta; licensed and regulated by (1) the Malta Gaming Authority in Malta (licence no. MGA/B2C/102/2000 issued on 01 August 2020), for UK clients by (2) the UK Gambling Commission (licence reference no: 39495), and for Irish clients by (3) the Revenue Commissioners in Ireland (Remote Bookmaker’s Licence no. 1010285 issued on 1 July 2020). View complete Regulatory Information.

Binary.com is an award-winning online trading provider that helps its clients to trade on financial markets through binary options and CFDs. Trading binary options and CFDs on Synthetic Indices is classified as a gambling activity. Remember that gambling can be addictive – please play responsibly. Learn more about Responsible Trading. Some products are not available in all countries. This website’s services are not made available in certain countries such as the USA, Canada, Hong Kong, or to persons under age 18.

Trading binary options may not be suitable for everyone, so please ensure that you fully understand the risks involved. Your losses can exceed your initial deposit and you do not own or have any interest in the underlying asset.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.6% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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