The corporate regulator has proposed stamping out the controversial multi-billion-dollar binary options industry, flagging that it will ban all Australian-based brokers from having Australian clients.
Both types of investment are considered by experts and regulators to be no better than gambling, with the vast majority of people who invest losing money."Our proposed product intervention will effectively mean that binary options will no longer be lawfully available for acquisition by retail clients in Australia," ASIC said in the consultation paper.
Source: News Formal (newsformal.com)
Great idea. ASIC may deserve pay day for this one.
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