Why Are Brokers Closing Out On Binary Option Traders in Europe and UK?
Closing Binary Option Trading in Europe and UK? If you’re reading this post, you’re probably looking at what your options. Binary brokers currently offering binary options trading to retail traders. In UK and Europe wind up their services after their grace period with the regulators end. Thus, I hope to brief you on what has happened, and ways that you can continue your binary options trading.
Over the past year, Cyprus-based industry regulator CYSEC has actively trying to reform the binary options industry and clean it of it’s bad image following many unscrupulous brokers scamming their customers or putting them through duress, and has also been in long-drawn debate on banning binary options altogether. Most recently, Paris-based regulator ESMA had effectively bring forth a firm and immediate ban on European firms offering Binary Options to people in Europe. Although UK is no longer within the EU zone following the BREXIT, UK’s regulator FCA plans to follow ESMA’s lead.
Even prior to ESMA’s stance, many brokers that Binary Lab has been in contact with had either abandoned binary for purely Forex, Crypto and CFD to reduce business regulation risk, or has given early notice that they will eventually end their services to clients in UK and Europe to remain compliant.
What Are Possible Options for Traders in UK and Europe Who Want To Continue Trading Binary Options?
While migrating or getting a work pass in a foreign, non-ESMA or CYSEC-governed country may seem a bit of a stretch. There are people on my Facebook page and YouTube channel who’ve actually done that. For everyone else affected, there could be an easier solution – at least at the time of this post. There are regulated brokers who’ve been operating on a gaming license rather than a trading license; there are brokers who’ve previously been regulated, who’ve given up their license; and there are brokers who are exchanging their trading licenses for gaming licenses.