The UK Financial Conduct Authority will assume control over the regulation of the nation’s binary options industry from January 3, 2018.
Under the existing regulatory regime, binary options companies with equipment in the United Kingdom are required to obtain licenses from the gambling regulator. As from the beginning of 2018, every company in the field interested to provide its services in the UK will be regulated by the FCA and the regulatory body will monitor whether operators are observing the rules. (READ SO: BINARY OPTIONS BANNED IN ISRAEL)
The FCA also issued a warning on the growing popularity of cryptocurrency CFD (contracts for differences) investing, arguing that the activity carries a high level of risk for those engaged.
The regulator body said that customers should be very careful due to the volatility of cryptocurrencies, as the value of some of those plunged 30% within several hours.
In the UK, cryptocurrency CFDs are regulated namely by the FCA, which means that CFD companies need to receive approval from the regulator in order to be able to operate in the country, and that customers can address it with complaints over potential fraud.
