A dozen of famous binary options brokers on the international trading market just announced that they now refuse australian traders. This is the result of an agreement between the brokers and the australian financial authorities. As well as the USA, Australia is a country that keeps its distance with binary options trading, therefore local regulated brokers are very rare. L’ASIC got in touch with the brokers who offer their services to local traders and politely asked them to quit this domain.
If binary options brokers refuse access to their platform to traders from specific countries, it’s because of regulations. The financial regulators of some countries put pressure on unauthorized brokers and ask them to stop their activity in this territory. USA are a good example, almost all the binary options brokers are not authorised on the american floor, only a small number of brokers accept american traders. There is a very famous american platform named NADEX, working on the basis of “exchanges” like a real market place, owning licences of the main local financial regulators, allowing them to legally offer financial services to investors based in the american territory.
You understand now why some brokers don’t accept foreign traders. They could technically do it, but they would be considered illegal brokers and could receive expensive fines from local financial authorities. The binary options brokers regulated by several financial regulators of differents countries (excluding some countries) generally accept leaving the territory to not damage their reputation on the international scene.
The australian financial regulator ASIC (Australian Securities and Investments Commission), recently announced that it just reached an agreement with numerous binary options brokers who are not regulated within its territory. Those brokers are regulated by other financial regulators such as European ones, and even if they didn’t own a license from ASIC, they were still active within the australian territory. The ASIC could no longer accept this behaviour and contacted these brokers in order to ask them to quit the australian market, without giving juridicial penalties or fines.
Therefore, several binary options brokers accepted the ASIC offer and left the australian market without contesting. Among these brokers :
-Banc de Binary
The deal between these brokers and the financial regulator ASIC constitutes the complete stop of their activity in Australia, of all the running ad campaigns targetting the australian market and also requires the display of a banner on the website, warning the visitors against the illegal registrations of this broker.
Wherever you are based and wherever you practice your binary options trading, it’s really important to alway only trust the regulated binary options brokers and to avoid the companies that illegaly allow binary options trading. If you take the risk to use an unauthorized binary options trader, you may face financial loss and binary options scams, since this type of broker without any licence doesn’t respect any financial rules and isn’t supervised by any local financial authority. In other words, an unauthorized binary options broker is free to use your money as they want, whether this means giving you back your money when you request it or to steal from you and keep your money.
On the other hand, regulated binary options brokers who own licences from financial regulators are under control and must pass exams related to their activity. When a binary options broker is regulated, it means that its activities comply with the local financial laws and that traders and their money are protected (particularly thanks to segregated bank accounts).
There are a lot of regulated binary options brokers in the industry of trading, 24Option and TopOption are both good examples as they both possess more than a dozen licences from financial regulators. Moreover, please be aware that when you open an 24Option account or TopOption account this will grant you access to a bonus on the deposit of 100%, and also be eligible to the BonusBinaryOptions.net guarantee.