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Regulation and compliance
On non-regulated platforms, clients’ money is not necessarily kept in a trust account, as required by government financial regulation, and transactions are not monitored by a third party to ensure fair play.
On May 3, 2012, the Cyprus Securities and Exchange Commission (CySEC) announced a policy change regarding the classification of binary options as financial instruments. The effect is that binary options platforms operating in Cyprus (where many of the platforms are based) will have to be CySEC regulated within six months of the date of the announcement. CySEC was the first EU MiFID-member regulator to treat binary options as financial instruments. On 7 January 2013, Banc De Binary became the first licensed binary option firm recognized as an investment firm by the Cyprus Securities and Exchange Commission (CySEC).
In March 2013, Malta's Financial Services Authority announced that Binary options regulation would be transferred away from Malta's Lottery and Gaming Authority. On the 18th June 2013, Malta’s Financial Services Authority confirmed that in their view binary options fell under the scope of the Markets In Financial Instruments Directive (MiFID),2004/39/EC. With this announcement Malta became the second EU jurisdiction to regulate binary options as a financial instrument, providers will now have to gain a category 3 Investment Services licence and conform to MiFID's minimum capital requirements. Prior to this announcement it had been possible for firms to operate from the jurisdiction provided the firm had a valid Lottery and Gaming Authority licence.
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