Beware: These Brokers Have Stopped Accepting Australian Traders

Australian Securities and Investment Commission announced that they managed to make an agreement with brokers who aren’t regulated in Australia to stop providing binary trading services in that country.

According to their report, they noted a significant increase of brokers who are regulated in other markets offering binary options to Australian citizens. As they find this practice unacceptable, they made an agreement with brokers about making a prevention campaign.

Brokers No Longer Accept Australians

This means that these brokers will stop accepting Australian customers. Some of them already showed interest in obtaining ASIC license, but the Australian regulator didn’t publish who those brokers are. Brokers who stopped accepting Australian customers are:

These brokers are obligated to:  stop all marketing campaigns towards Australian customers, adding that disclaimers were needed, block visitors and signups from Australia, close Australian accounts and inform traders that they are not regulated to provide binary trading services in Australia.

Binary Options in Australia

Binary options are very regulated in Australia, and ASIC regularly publishes information on unregulated brokers. However, this is the first time that a regulator joined forces with brokers to provide regulated trading environment instead of forcing fines. Find out more about binary options trading in Australia.

Cathie Armour, an ASIC commissioner explained:

‘The dramatic increase in unlicensed conduct – particularly in entities offering binary options – is of real concern to ASIC.’

Read report by ASIC.