MiFID is supposed to be a directive to help standardize investment products among European regulators and EU members. France looks like they have had enough and are starting to institute their own rules and regulations regarding Binary Options and Forex. Constant complaints on the part of French citizens has led to dramatic and comprehensive regulatory changes in France.
24 Option Done With The French Market
Binary Options powerhouse 24 Option recently announced to its affiliates that it would no longer be accepting traffic from there. The company said that it would be soon blocking internet traffic from France altogether. In the announcement, 24Option noted that they are working to resolve the issue with French regulators. It looks as though 24 Option will be banned from the French Market completely. French regulators had been noting that the vast majority of their complaints were coming from CySEC regulated brokers.
France Ban on Advertising
French regulators will now look to institute a complete ban on online and other forms of advertising. They site over 4 Billion Euros have been solicited from these offending brokers. France has also instituted a new margin limitation at 20:1 which is even harsher than the 50:1 in the United States.
France Joining Other in Ban
The French will now join the likes of the United States, Japan, and Canada in instituting specific and dramatic regulatory reforms in Forex and Binary Options. Other European regulators have been keeping their lists on offending brokers and may soon move in the same direction as France.