Some of the Binary Options brokers are still promoting themselves across France. Today, we talk about AMF Binary Options advertising ban effectiveness.
7 March, AtoZForex – It is almost two month now since the French regulator AMF has established a ban on the promotion of the Binary Options and other high-risk financial products. Moreover, this measure has been included into Sapin II framework.
How effective is AMF Binary Options advertising ban?
Yet, the effect of the new regulatory norms is not spread. Especially since the new law provides some room for sponsorship deals with Binary Options brands. Some of the firms are already utilizing this opportunity.
Let’s have a look at 24option.com, Binary Options brand owned by Rodeler Limited. 24option.com is a Cyprus Investment Firm (CIF). As a fact, 24options and French football club Olympique Lyonnais have canceled their contract as a number of such partnerships were brought to an end in France. Moreover, the deal with Juventus FC is still effective and is largely advertised online.The official French website of 24option displays a banner of the deal between the Juventus FC and the Binary Options brand. Additionally, the banner of the brokerage is incorporated in the list of Juventus’ partners.
Is this kind of promotion legitimate from the broker’s side? According to the actual facts, no. At the minimum, not yet, as the Sapin II framework is allowing partnerships in effect from July 1, 2016, till June 30, 2017.
In addition, a number of French football clubs just canceled the partnership with Binary Options brokerages without waiting for the formal cut-off. However, the case with FC Juventus is somewhat different. The FC Juventus is an Italian club. Thus, it should be aware of the stance of Italian watchdog CONSOB in relation to the Binary Options regulation. Italian regulator is more conservative when it comes to the regulations in Binary Options sector. Yet, other football clubs outside France, such as Southampton FC, have abandoned their deals with Binary Options brands even without any regulatory issues.
Football clubs’ deals with Binary Options brokers
In the beginning of the current year, online reports stated that a half of the football clubs in the top 20 of the Deloitte Football Money League are or have been involved in a deal with a Forex company. Moreover, two football teams, which accounts for 10% of total admit they are currently in a partnership with Binary Options brokers. These clubs are Tottenham Hotspur and Juventus.
Another 10% of the top 20 have remained silent about their collaboration with Binary Options brokerages. These include AS Roma and PSG. First FC has removed the message about its deal with EZTrader.com from its official website.
Meanwhile, the June 30 of the current year is getting closer. The French regulator’s list of unlicensed Binary Options firms as of now contains as many as 315 names. The biggest part of them is not active – 252 websites are not operated. However, other 63 of the websites, which names are present on the warning list, are still active. Apparently, they have ignored the warning notes from the regulator.
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