Is Binary Options Legal in EU?

1. Executive Summary

The marketing, distribution, and sale of binary options to retail clients are effectively prohibited throughout the European Union (EU). This regulatory position stems initially from temporary EU-wide intervention measures enacted by the European Securities and Markets Authority (ESMA) in 2018, utilizing powers under Article 40 of the Markets in Financial Instruments Regulation (MiFIR).¹ These temporary measures addressed significant investor protection concerns arising from the inherent risks and complexity of binary options, coupled with widespread evidence of poor conduct by providers targeting retail investors.²

Following the expiration of ESMA’s temporary EU-level prohibition in mid-2019, the ban on binary options for retail clients has been solidified and made permanent through national product intervention measures adopted by the National Competent Authorities (NCAs) of individual EU Member States.⁴ These national measures, implemented under the authority granted by Article 42 of MiFIR, ensure that the prohibition remains in force within each jurisdiction, creating a consistent regulatory landscape across the EU.⁶

It is crucial to note that this prohibition specifically targets retail clients. The marketing, distribution, and sale of binary options to clients classified as professional clients (either per se or elective professionals under MiFID II criteria) generally remain permissible under the EU framework, although these clients do not benefit from the specific regulatory protections afforded to retail investors.⁹

Since the transition from temporary ESMA measures to permanent national prohibitions in 2019, the regulatory environment concerning binary options for retail clients in the EU has remained stable. The prohibition is the established norm, reflecting a consensus among European regulators on the unsuitability of these products for the retail market due to significant risks of consumer detriment.¹¹

related posts : Best Binary Options Brokers (in 2025)

2. Introduction: Binary Options and the Regulatory Challenge

Binary options are a type of derivative financial instrument characterized by their unique payout structure. They are typically cash-settled contracts where the payout is a predetermined fixed amount or nothing at all, contingent upon whether a specific condition related to an underlying asset (such as a share, currency pair, commodity, or index) is met within a defined, often very short, timeframe.² This structure creates a ‘yes/no’ or ‘all-or-nothing’ proposition for the investor.¹³ For instance, a common binary option involves betting on whether the price of an asset will be above or below a specific level (the strike price) at the option’s expiry.²

In the years preceding regulatory intervention, binary options saw a surge in popularity, particularly among retail investors across the EU. This growth was often fueled by aggressive online marketing campaigns, frequently utilizing social media and blogs, which exaggerated potential profits and downplayed the inherent risks.² However, this widespread marketing coincided with mounting evidence of significant investor harm. Data gathered by NCAs across various EU jurisdictions indicated that a vast majority of retail accounts trading these products incurred losses, with average losses per client often reaching substantial amounts.³ Numerous complaints from retail clients who suffered significant detriment further underscored the problem.¹⁵ The products’ complexity, short-term nature, and the frequent conflict of interest where providers (often acting as direct counterparties) profited from client losses contributed to this situation.² The perception grew among regulators and consumer groups that these instruments were akin to “gambling products dressed up as financial instruments”.¹⁸

The cross-border nature of many binary option providers, often operating online across multiple EU jurisdictions, necessitated a coordinated regulatory response at the European level.³ ESMA, alongside NCAs, identified significant investor protection concerns related not only to the product’s inherent features but also to the conduct of firms offering them.² The formal inclusion of binary options within the scope of the Markets in Financial Instruments Directive II (MiFID II) framework from 3 January 2018 provided a clearer regulatory perimeter and paved the way for harmonized intervention measures.²¹

The regulatory actions subsequently taken were driven by a dual concern. Firstly, the inherent characteristics of binary options – their complexity, lack of transparency in pricing, structural expectation of negative returns for retail clients, and the all-or-nothing payoff – were deemed fundamentally unsuitable for the retail market.³ Secondly, the widespread poor conduct associated with the marketing and sale of these products, including aggressive sales tactics, misleading advertising, potential price manipulation by providers acting as counterparties, and instances of outright fraud, presented a significant threat to market integrity and consumer trust.² Addressing both the product risk and the associated conduct risk became central to the regulatory strategy.

3. ESMA’s Intervention and the EU-Level Framework (MiFIR Article 40)

3.1. The European Securities and Markets Authority (ESMA) as the Primary EU Authority

ESMA stands as the central securities markets regulator within the European Union, playing a pivotal role in safeguarding investor protection, promoting orderly financial markets, and ensuring financial stability. In the context of binary options and other speculative products like Contracts for Differences (CFDs), ESMA took the lead in coordinating supervisory actions and developing a harmonized response to the identified risks.¹³ Its mandate includes the power to issue temporary product intervention measures applicable across the entire EU, a power it utilized decisively regarding binary options.¹

3.2. ESMA’s Temporary Prohibition (2018-2019) under MiFIR Article 40

Recognizing the urgent need to address the widespread harm caused by binary options to retail investors, ESMA exercised its product intervention powers granted under Article 40 of MiFIR.⁸ On 22 May 2018, ESMA formally adopted Decision (EU) 2018/795, which imposed a temporary prohibition on the marketing, distribution, or sale of binary options to retail clients throughout the Union.¹ This prohibition became effective on 2 July 2018.¹

The legal basis for this action, MiFIR Article 40, allows ESMA to implement temporary measures (initially for three months, subject to renewal) if specific conditions are met, primarily the existence of a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets.¹ ESMA concluded that such conditions were unequivocally met for binary options offered to retail clients.³

ESMA’s rationale for the prohibition was multi-faceted and extensively documented ³:

• Significant Investor Protection Concerns: Widespread evidence of retail clients losing money, numerous complaints, and the inherent structure of the product led ESMA and NCAs to conclude there was a significant risk of detriment.²
• Complexity and Lack of Transparency: Binary options were deemed complex and opaque, making it difficult for retail clients to understand the risks, valuation, and the likelihood of potential payouts.³
• Structural Negative Expected Return: The typical payout structure, combined with the provider’s edge (often acting as counterparty), meant that, statistically, retail clients were expected to lose money over time.³
• Conflict of Interest: A fundamental conflict of interest often existed, as providers frequently acted as the direct counterparty to the client’s trade, meaning the firm directly profited from the client’s losses. This created incentives for poor practices, such as manipulating price feeds or designing payouts unfavourably.²
• Aggressive Marketing and Mis-selling: The products were often marketed aggressively, promising high returns while downplaying risks, contributing to mis-selling on a large scale.²

ESMA’s powers under Article 40 were explicitly temporary. The initial prohibition lasted for three months.¹ ESMA reviewed the situation and, concluding that the significant investor protection concerns persisted, renewed the prohibition multiple times. Renewals extended the ban effective from 2 October 2018 ¹⁷, 2 January 2019 ¹⁴, and 2 April 2019.²⁷ Each renewal required ESMA to reassess the conditions and justify the continued necessity of the measure.

3.3. Specific Exclusions from ESMA’s Temporary Measures

During the renewal process, specifically from the renewal effective 2 October 2018, ESMA refined the scope of the prohibition by excluding certain types of binary options that were considered to possess features mitigating the identified risks.⁹ These exclusions were narrow and subject to strict cumulative conditions ¹⁴:

1. Capital Protection Feature: Binary options where the lower of the two possible fixed payout amounts was at least equal to the total initial payment made by the retail client (including all fees and costs). In essence, these products guaranteed the return of the initial investment, eliminating the risk of capital loss.⁹
2. Long-Term, Prospectus-Backed, Hedged Options: Binary options that simultaneously met all of the following criteria:

• A term from issuance to maturity of at least 90 calendar days. The longer term was considered to allow investors a more reasonable timeframe to form an informed view, mitigating issues associated with the very short expiries typical of problematic binary options.⁹
• Accompanied by a prospectus drawn up and approved in accordance with the Prospectus Directive (now Prospectus Regulation), ensuring a higher level of disclosure and regulatory scrutiny.⁹
• Structured such that the provider (or another entity within its group) did not bear market risk throughout the term of the option and did not make a profit or loss from the option’s outcome itself, other than previously disclosed commissions or fees. This requirement aimed to ensure the provider was fully hedged, thereby mitigating the inherent conflict of interest associated with providers profiting from client losses.⁹

It is also noteworthy that ESMA’s temporary prohibition generally did not extend to ‘securitised binary options’.² These instruments, while having similar payoff structures, often fall under different regulatory classifications (e.g., securities requiring a prospectus). However, the perceived risk similarity led some NCAs, like the UK’s FCA, to later include them in their permanent national bans.²

The strategic deployment of temporary, renewable bans under Article 40 proved effective. It allowed ESMA to implement a rapid, EU-wide protective measure without the need for lengthy legislative processes.¹ The repeated renewals served as a strong signal of ongoing regulatory concern and maintained pressure on the market and national authorities.²⁴ This consistent EU-level stance provided a crucial transitional period, enabling NCAs to conduct their own assessments, consult stakeholders, and prepare the groundwork for introducing permanent national measures under Article 42 of MiFIR. ESMA’s actions effectively acted as a catalyst and a bridge, facilitating a coordinated shift towards lasting national prohibitions.⁴ The eventual decision by ESMA to cease renewals was explicitly linked to the successful adoption of these permanent national rules by a majority of NCAs.⁴

4. The Current Regulatory Landscape: Permanent National Prohibitions (MiFIR Article 42)

4.1. Shift from Temporary EU Measures to Permanent National Bans

The regulatory framework governing binary options in the EU underwent a significant transition in mid-2019. As ESMA’s final renewal period for its temporary prohibition under Article 40 approached its expiry date of 1 July 2019, the responsibility for maintaining the restriction shifted to the national level.⁴ National Competent Authorities (NCAs) across the EU utilized their own product intervention powers, granted under Article 42 of MiFIR, to implement permanent national measures.⁶

MiFIR Article 42 empowers NCAs to prohibit or restrict the marketing, distribution, or sale of specific financial instruments or activities within their respective jurisdictions, provided certain conditions are met.¹³ These conditions closely mirror those required for ESMA’s temporary interventions, focusing on the existence of significant investor protection concerns, threats to market integrity, or risks to financial stability.¹³ Crucially, unlike ESMA’s Article 40 powers which are inherently temporary, national measures under Article 42 can be imposed on a permanent basis.⁴

Recognizing that a sufficient number of NCAs had taken steps to implement permanent national bans mirroring or exceeding the stringency of its own temporary measures, ESMA announced that it would not seek a further renewal of its EU-wide prohibition beyond 1 July 2019.⁴ This decision marked the formal handover of regulatory enforcement from the temporary EU level to permanent national frameworks, ensuring continuous protection for retail investors without interruption.⁵

4.2. Confirmation of Permanence and Scope

The measures currently in place across EU Member States regarding binary options are permanent national prohibitions enacted by the respective NCAs.⁴ These are not temporary restrictions subject to periodic renewal like the initial ESMA intervention.

The scope of these permanent national prohibitions consistently targets the offering of binary options to retail clients. They prohibit firms from marketing, distributing, or selling these products to individuals classified as retail investors under MiFID II, whether the activity takes place within the Member State or originates from it.⁶

Furthermore, many national measures explicitly include provisions aimed at preventing circumvention.⁷ These clauses prohibit entities from knowingly participating in activities whose object or effect is to bypass the prohibition, such as acting as a substitute for a binary options provider or structuring products in a way that mimics binary options while attempting to fall outside the formal definition.

4.3. Applicability Across Member States

While the enforcement mechanism has shifted from a single temporary EU measure to multiple permanent national laws, the practical outcome is a harmonized prohibition on binary options for retail clients that applies consistently across the European Union.⁴ This consistency was achieved because NCAs largely adopted measures reflecting the substance and scope of ESMA’s original prohibition, driven by a shared assessment of the significant investor protection risks involved.⁶ Examples from key Member States like France, Ireland, Germany, the Czech Republic, and the Netherlands confirm this widespread adoption of national bans under MiFIR Article 42 around mid-2019.⁶

This process illustrates the effectiveness of the MiFIR framework in facilitating a coordinated regulatory response. The interplay between ESMA’s temporary powers (Article 40) and the NCAs’ permanent powers (Article 42) allowed for both swift EU-wide action and durable, nationally-enforced solutions. ESMA’s intervention set a clear policy direction and provided a temporary shield, while the subsequent national measures embedded this policy within domestic legal systems, ensuring local regulatory ownership and ongoing enforcement. This multi-level governance approach successfully addressed a significant cross-border investor protection issue, achieving a harmonized outcome without requiring full legislative centralization at the EU level for the permanent ban itself.

5. Investor Classification: Retail vs. Professional Clients

The distinction between retail and professional clients, a cornerstone of the MiFID II framework, is central to understanding the application of binary options regulations in the EU.

5.1. Impact on Retail Investors

The regulatory interventions by both ESMA and subsequently by NCAs were unequivocally focused on protecting retail investors.² As a result, the marketing, distribution, and sale of binary options to retail clients by regulated firms operating within or from the EU are prohibited under the permanent national measures currently in force across Member States.¹ The rationale consistently cited by regulators is that this category of investor is generally considered less sophisticated, less able to accurately assess the high risks involved, and less capable of absorbing potential losses associated with these complex and speculative products.³

5.2. Regulatory Status for Professional Clients

In contrast, the prohibitions enacted by ESMA and NCAs specifically excluded professional clients from their scope.⁹ This category includes entities that are automatically considered professional clients (‘per se’ professionals, such as large undertakings, institutional investors, and governments) and those retail clients who request to be treated as professional clients (‘elective’ professionals) and meet specific qualitative and quantitative criteria regarding their trading experience, portfolio size, and/or professional expertise as defined under MiFID II.

Therefore, regulated firms within the EU remain permitted to market, distribute, and sell binary options to clients properly classified as professional. However, this distinction carries significant implications. Clients classified as professional, particularly elective professionals who were previously retail clients, lose access to various regulatory protections afforded to the retail category under MiFID II.⁹ These protections can include requirements related to appropriateness assessments, best execution standards, and access to compensation schemes, depending on the specific service and jurisdiction. ESMA explicitly warned retail investors to carefully consider the consequences of requesting professional status, as it entails a lower level of regulatory protection.⁹ Some providers noted that elective professional clients constituted a significant part of their business, indicating that this channel remained a viable, albeit less protected, avenue for trading these products post-ban.¹⁰

The stark difference between a complete prohibition for retail clients and continued permission for professional clients creates an inherent tension within the regulatory framework. While MiFID II establishes clear criteria for professional client classification, the complete unavailability of binary options for retail clients might incentivize some firms to encourage borderline retail clients, particularly those with higher trading volumes or account values, to seek reclassification as elective professionals.²² This potential for regulatory arbitrage, where clients might be moved into a category with fewer protections simply to access a prohibited product, represents a challenge to the effectiveness of the retail ban. ESMA’s public warnings regarding opt-ups implicitly acknowledge this risk, highlighting the need for vigilance by both investors and supervisors to ensure classifications are appropriate and not driven solely by a desire to circumvent product restrictions.⁹

6. National Implementation Examples

The transition from ESMA’s temporary EU-wide measure to permanent national prohibitions under MiFIR Article 42 resulted in consistent regulatory outcomes across Member States. The following examples illustrate this coordinated implementation:

• France (Autorité des Marchés Financiers – AMF): The AMF acted promptly to ensure continuous protection as ESMA’s measure expired. Following a public consultation, the AMF adopted a national intervention measure, effective 2 July 2019, permanently prohibiting the marketing, distribution, or sale of binary options to retail investors in France or from France.⁷ This decision explicitly referenced MiFIR Article 42 as its legal basis.³³
• Ireland (Central Bank of Ireland – CBI): The CBI also implemented a permanent national prohibition effective 2 July 2019, pursuant to Article 42 of MiFIR.⁶ The Irish measure closely mirrored the scope of ESMA’s prohibition, applying to the marketing, distribution, or sale of binary options to retail clients in or from Ireland. It also incorporated the specific exclusions for capital-protected and certain long-term, prospectus-backed, hedged binary options that ESMA had previously introduced.⁶
• Germany (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin): BaFin issued a General Administrative Act concerning binary options under MiFIR Article 42, which took effect on 1 July 2019.³¹ This act established the national prohibition on offering these products to retail clients in Germany.
• Czech Republic (Česká národní banka – CNB): The CNB issued a measure of a general nature based on MiFIR Article 42, prohibiting the marketing, distribution, and sale of binary options to retail clients, effective 2 July 2019.¹¹ The CNB’s justification highlighted the significant risks, lack of transparency, and alignment with ESMA’s findings on investor detriment.¹¹
• Netherlands (Autoriteit Financiële Markten – AFM): The AFM announced in early 2019 its intention to implement national product intervention measures under MiFIR Article 42, including a ban on binary options for retail clients, to replace the expiring ESMA measures.³⁶ A decision restricting CFDs was dated 18 April 2019, indicating parallel action on binary options was also underway.³⁶

These examples demonstrate a clear pattern: NCAs across the EU utilized the powers granted by MiFIR Article 42 to establish permanent national prohibitions on binary options for retail clients, ensuring a consistent high level of investor protection following the cessation of ESMA’s temporary EU-wide measure.

Table 1: Overview of National Binary Option Prohibitions for Retail Clients in Select EU Jurisdictions

Member State	National Competent Authority (NCA)	Legal Basis	Status for Retail Clients	Effective Date	Key Exclusions/Notes
France	AMF	MiFIR Article 42	Prohibited	2 July 2019	Prohibits marketing, distribution, sale in/from France. Includes circumvention clause.7
Ireland	CBI	MiFIR Article 42	Prohibited	2 July 2019	Excludes capital-protected options and certain long-term, prospectus-backed, hedged options. Includes circumvention clause.6
Germany	BaFin	MiFIR Article 42	Prohibited	1 July 2019	General Administrative Act prohibiting offering to retail clients.31
Czech Republic	CNB	MiFIR Article 42	Prohibited	2 July 2019	Measure of a general nature prohibiting for retail clients.11
Netherlands	AFM	MiFIR Article 42	Prohibited	Circa mid-2019	AFM announced intention for national ban following ESMA’s lead.36

This table summarizes the consistent approach taken by NCAs in key EU jurisdictions, solidifying the prohibition on binary options for retail clients through permanent national measures based on MiFIR Article 42, generally effective from early July 2019.

7. Recent Developments and Conclusion

7.1. Current Status (Post-2019)

The regulatory landscape for binary options within the EU, as established in mid-2019, remains largely unchanged based on the available information. ESMA formally ceased the renewal of its temporary EU-wide prohibition under MiFIR Article 40 effective 1 July 2019, explicitly deferring to the permanent national product intervention measures that had been implemented by the vast majority of NCAs across the Union.⁴

These national measures, enacted under MiFIR Article 42, constitute permanent bans on the marketing, distribution, and sale of binary options specifically to retail clients by regulated firms operating within the EU.¹¹ There is no indication from the reviewed materials of any significant regulatory initiatives at the EU or national level since 2019 aimed at reversing or substantially altering these prohibitions for retail investors. Market reports discussing the binary options sector acknowledge the regulatory bans in Europe as a key constraint.³⁹ Therefore, the effective illegality of offering binary options to retail clients within the EU’s regulated financial system is the current and established status quo.

7.2. Ongoing Risks and Considerations

Despite the comprehensive ban within the regulated sphere, certain risks persist. A primary concern remains the activity of unregulated brokers or firms based outside the EU that may continue to target EU retail clients, often through online platforms, attempting to circumvent the prohibition.⁹ Engaging with such entities poses significant risks to investors, including the potential for fraud, difficulty in recovering funds, and the complete absence of the regulatory safeguards and dispute resolution mechanisms available within the EU framework.¹² Regulators consistently warn consumers about these scams.¹⁸

Additionally, the distinction allowing professional clients to access binary options remains pertinent.⁹ While legitimate, this requires professional clients (especially elective professionals) to fully understand that they operate with a lower level of regulatory protection compared to retail clients.⁹

7.3. Conclusion and Key Takeaways

In conclusion, the regulatory status of binary options in the European Union is clear: they are effectively illegal for retail clients. This prohibition is enforced through permanent national laws enacted by the NCAs of individual Member States under Article 42 of MiFIR. While ESMA initiated the process with temporary EU-wide measures in 2018-2019, the current framework relies on these durable national implementations.

Addressing the specific points raised in the initial query:

1. Primary Authority: ESMA initiated the EU-wide temporary action and coordinates supervisory approaches. However, the permanent prohibitions are now enforced by the National Competent Authorities (NCAs) of each EU Member State.
2. Official Statements/Regulations: Key documents include ESMA’s Decisions on temporary intervention (e.g., (EU) 2018/795 and its renewals) ¹⁴ and the subsequent permanent national product intervention measures issued by individual NCAs under MiFIR Article 42.⁶
3. Specific Rules (Retail vs. Professional): The marketing, distribution, and sale are prohibited for retail clients. These activities generally remain permitted for clients classified as professional under MiFID II, though these clients forfeit retail-level protections.⁹
4. Permanence: The current prohibitions implemented by NCAs are permanent national measures, replacing ESMA’s earlier temporary restrictions.⁴
5. Applicability: The prohibition applies consistently across the EU through harmonized national laws based on MiFIR Article 42, rather than a single ongoing EU-level directive or regulation enforcing the ban itself post-July 2019.
6. Recent Updates: The available information indicates no significant changes to this established regulatory framework since the implementation of national bans in mid-2019. The prohibition for retail clients remains firmly in place.

Final Recommendation: Retail investors within the EU should treat any solicitation offering binary options trading from firms purporting to be regulated within the EU as highly suspect and likely non-compliant or fraudulent. Engaging with entities outside the EU offering these products carries substantial risks. Professional clients who choose to trade binary options must be aware of the reduced regulatory safeguards applicable to them. Verifying a firm’s authorization status with the relevant NCA remains a critical step before engaging in any investment activity.

Download PDF

Works cited

1. ESMA adopts final product intervention measures on CFDs and …, accessed on April 20, 2025, https://www.esma.europa.eu/press-news/esma-news/esma-adopts-final-product-intervention-measures-cfds-and-binary-options
2. PS19/11: Product intervention measures for retail binary options – Financial Conduct Authority, accessed on April 20, 2025, https://www.fca.org.uk/publication/impact-assessments/product-intervention-retail-binary-options.pdf
3. ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors, accessed on April 20, 2025, https://www.esma.europa.eu/press-news/esma-news/esma-agrees-prohibit-binary-options-and-restrict-cfds-protect-retail-investors
4. EU to Lift Temporary Ban on the Sale of Binary Options to Retail Clients in Wake of National Measures – A&O Shearman | FinReg, accessed on April 20, 2025, https://finreg.aoshearman.com/eu-to-lift-temporary-ban-on-the-sale-of-binary-options
5. ESMA ceases renewal of product intervention measure relating to binary options, accessed on April 20, 2025, https://www.esma.europa.eu/press-news/esma-news/esma-ceases-renewal-product-intervention-measure-relating-binary-options
6. The Central Bank, Binary Options and CFDs, accessed on April 20, 2025, https://www.mccannfitzgerald.com/knowledge/financial-services-regulation/the-central-bank-binary-options-and-cfds
7. Binary options and CFDs: the AMF adopts national intervention …, accessed on April 20, 2025, https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/binary-options-and-cfds-amf-adopts-national-intervention-measures
8. Final Report – | European Securities and Markets Authority, accessed on April 20, 2025, https://www.esma.europa.eu/sites/default/files/library/esma35-43-2134_technical_advice_to_the_ec_on_product_intervention.pdf
9. Europe wide ban on risky binary options – DLA Piper, accessed on April 20, 2025, https://www.dlapiper.com/en/insights/publications/2018/10/finance-and-markets-global-insight-issue-15/europe-wide-ban-on-risky-binary-options
10. Europe wide ban on risky binary options – DLA Piper, accessed on April 20, 2025, https://www.dlapiper.com/es-pr/insights/publications/2018/10/finance-and-markets-global-insight-issue-15/europe-wide-ban-on-risky-binary-options
11. Binary options trading remains possible only for professional investors, accessed on April 20, 2025, https://www.cnb.cz/en/cnb-news/press-releases/Binary-options-trading-remains-possible-only-for-professional-investors
12. Binary option – Wikipedia, accessed on April 20, 2025, https://en.wikipedia.org/wiki/Binary_option
13. Central Bank of Ireland Binary Options Intervention Measure pursuant to Article 42 of Regulation (EU) No 600/2014 of the European Parliament, accessed on April 20, 2025, https://www.centralbank.ie/docs/default-source/Regulation/industry-market-sectors/investment-firms/mifid-firms/regulatory-requirements-and-guidance/central-bank-binary-options-intervention-measure.pdf
14. L_2018329EN.01002701.xml – EUR-Lex.europa.eu. – European Union, accessed on April 20, 2025, https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX%3A32018X1227%2801%29
15. EUROPEAN SECURITIES AND MARKETS AUTHORITY DECISION (EU) 2018/ 795 – of 22 May 2018 – to temporarily prohibit th – EUR-Lex.europa.eu., accessed on April 20, 2025, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018X0601(01)
16. ESMA extends Product Intervention to protect small investors regarding Binary Options and Contracts for Difference (CFDs) – FMA Österreich, accessed on April 20, 2025, https://www.fma.gv.at/en/esma-extends-product-intervention-to-protect-small-investors-regarding-binary-options-and-contracts-for-difference-cfds/
17. EUROPEAN SECURITIES AND MARKETS AUTHORITY DECISION (EU) 2018/ 1466, accessed on April 20, 2025, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018X1001(01)
18. FCA Introduces Permanent Ban on Binary Options to Retail Consumers – objectivus, accessed on April 20, 2025, https://objectivus.com/fca-introduces-permanent-ban-on-binary-options-to-retail-consumers/
19. FCA confirms permanent ban on the sale of binary options to retail consumers, accessed on April 20, 2025, https://www.fca.org.uk/news/statements/fca-confirms-permanent-ban-sale-binary-options-retail-consumers
20. L_2018136EN.01005001.xml – EUR-Lex.europa.eu., accessed on April 20, 2025, https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32018X0601(02)
21. CP18/37: Product intervention measures for retail binary options – Financial Conduct Authority, accessed on April 20, 2025, https://www.fca.org.uk/publication/consultation/cp18-37.pdf
22. ESMA Agrees to Prohibit Binary Options and Restrict CFDs – objectivus, accessed on April 20, 2025, https://objectivus.com/esma-agrees-to-prohibit-binary-options-and-restrict-cfds-to-protect-retail-investors/
23. Decision – 2018/795 – EN – EUR-Lex – data.europa.eu, accessed on April 20, 2025, https://data.europa.eu/eli/dec/2018/795
24. ESMA to renew prohibition on binary options for a further three months – European Union, accessed on April 20, 2025, https://www.esma.europa.eu/press-news/esma-news/esma-renew-prohibition-binary-options-further-three-months
25. Decision – 2018/1466 – EN – EUR-Lex, accessed on April 20, 2025, https://eur-lex.europa.eu/eli/dec/2018/1466/oj/eng
26. ESMA renews binary options prohibition for a further three months from 2 January 2019, accessed on April 20, 2025, https://www.centralbank.ie/regulation/markets-update/esma-guidelines-and-recommendations/Markets-Update-Issue-15-2018/european-securities-and-markets-authority-(esma)/esma-renews-binary-options-prohibition-for-a-further-three-months-from-2-january-2019
27. Notice of ESMA’s Product Intervention Renewal Decision in relation …, accessed on April 20, 2025, https://www.esma.europa.eu/press-news/esma-news/notice-esma%E2%80%99s-product-intervention-renewal-decision-in-relation-binary-option-1
28. ESMA renews binary options prohibition for a further three months from 2 April 2019, accessed on April 20, 2025, https://www.esma.europa.eu/press-news/esma-news/esma-renews-binary-options-prohibition-further-three-months-2-april-2019
29. Binary option ban extended, subject to certain exclusions – Taylor Wessing, accessed on April 20, 2025, https://www.taylorwessing.com/en/insights-and-events/insights/2018/09/binary-option-ban-extended-subject-to-certain-exclusions
30. PS19/11: Product intervention measures for retail binary options | FCA, accessed on April 20, 2025, https://www.fca.org.uk/publications/policy-statements/ps19-11-product-intervention-measures-retail-binary-options
31. Product intervention – BaFin, accessed on April 20, 2025, https://www.bafin.de/EN/Aufsicht/BoersenMaerkte/Produktintervention/produktintervention_node_en.html
32. Page No.1 (of 23) Ref. no. 2019/069183/CNB/560 Number of pages: 23 PUBLIC NOTICE on the issuance of a MEASURE OF A GENERAL NATU – Česká národní banka, accessed on April 20, 2025, https://www.cnb.cz/export/sites/cnb/en/legislation/.galleries/measure_of_a_general_nature/oop_binarni_opce_20190618_en.pdf
33. AMF’s decision of 2 July 2019 prohibiting the marketing, distribution or sale, in France or from France, of binary options to, accessed on April 20, 2025, https://www.amf-france.org/sites/institutionnel/files/contenu_simple/regles_professionnelles_approuvees/AMF%27s%20decision%20of%202%20July%202019%20prohibiting%20the%20marketing%2C%20distribution%20or%20sale%2C%20in%20France%20or%20from%20France%2C%20of%20binary%20options%20to%20retail%20investors.pdf
34. MiFIR – | European Securities and Markets Authority, accessed on April 20, 2025, https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifir-0
35. Regulatory Requirements and Guidance for MiFID Firms | Central Bank of Ireland, accessed on April 20, 2025, https://www.centralbank.ie/regulation/industry-market-sectors/investment-firms/mifid-firms/regulatory-requirements-and-guidance
36. THIS TEXT IS A TRANSLATION OF THE DECISION IN DUTCH. IN CASE OF DIFFERENCES THE DECISION IN DUTCH PREVAILS. Decision dated 18 Ap – AFM, accessed on April 20, 2025, https://www.afm.nl/~/profmedia/files/onderwerpen/productinterventie/productinterventie-cfd_eng.pdf
37. www.dlapiper.com, accessed on April 20, 2025, https://www.dlapiper.com/es-pr/insights/publications/2018/10/finance-and-markets-global-insight-issue-15/europe-wide-ban-on-risky-binary-options#:~:text=On%2027%20March%202018%2C%20the,(CFDs)%20sold%20toretail%20investors.
38. Binary options, CFDs: the AMF informs retail investors and market professionals of the decision on measures to prohibit or restrict taken at the European Union level, accessed on April 20, 2025, https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/binary-options-cfds-amf-informs-retail-investors-and-market-professionals-decision-measures-prohibit
39. CME’s Event Contracts: Are Binary Options Back? – Finance Magnates, accessed on April 20, 2025, https://www.financemagnates.com/binary-options/analysis/cmes-event-contracts-are-binary-options-back/
40. Binary Options in Black And White – iExpats, accessed on April 20, 2025, https://www.iexpats.com/binary-options/
41. Binary Options Broker Market Size, Share, Trends & Forecast – Verified Market Research, accessed on April 20, 2025, https://www.verifiedmarketresearch.com/product/binary-options-broker-market/
42. Is trading binary options legal in Europe? – EUbusiness.com, accessed on April 20, 2025, https://www.eubusiness.com/focus/is-trading-binary-options-legal-in-europe/