FCA Flags Binary Brokers and Affiliates for Committing Criminal Offence in the UK The UK’s financial regulator officially started regulating binary options on the 3rd of January 2018.
Starting from the 3rd of January 2018, the UK FCA officially took over the regulation of binary options products in the country. The watchdog today issued a list of companies that are not conforming with regulatory requirements in the UK. Most notably, the FCA doesn’t stop with binary options brokers – its warning is directed towards affiliates as well.
The financial regulator has inherited the regulatory responsibility from the UK Gambling Commission that previously oversaw the binary options industry. A number of brokers in the industry have been claiming to have a physical presence in the UK. The action follows a police raid which the was executed late last year.
The FCA has said that, since the start of January, all companies offering binary options trading in the UK without authorization are committing a criminal offence. Brokers operating without regulatory oversight will be acting in breach of section 19 of the Financial Services and Markets Act 2000 (FSMA).
As part of its new responsibilities, when regulating binary options, the FCA is publishing a list of brokers that are in violation of UK laws. The watchdog has listed a total of 94 companies, including names such as Ayrex, Binary Tilt, CT Option, Investoo.com, Option888, and many others.