CySEC has become the latest financial regulator to issue a warning about virtual currencies. In a document published today, the regulator stated that it wanted to draw investor attention to a warning issued in 2013 from the European Banking Authority about virtual currencies. The CySEC warning stated that, “Since currently there are no specific regulations for the protection of persons who transact in virtual currencies, it is important that the public is informed about the dangers associated with them, including possible loss of money.”
CySEC though didn’t issue any references to whether they would prohibit or legalize companies and individuals from owning or dealing with virtual currencies. As such, this is a positive for the various forex and binary options brokers such as Markets.com and SpotOption that provide derivatives products of bitcoins. However, the existence of an investor warning could lead to the regulator placing limitations on how firms are allowed to market their bitcoin CFDs and options in the future. Overall, CySEC is relating that they are ready to follow the greater EU’s consensus about virtual currencies.
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Hello Binary Launches Bitcoin Trading
In other bitcoin news in the trading sector, binary options provider, Hello Binary, announced that it was adding the digital currency to its platform, expanding derivative- based trading products available to brokers. A provider of SaaS white label binary options technology for brokers, Hello Binary displayed the new bitcoin trading feature at the just completed ICE 2014 London convention.