OptionWeb reacts to the announcement of the Sapin 2 law

The day after the introduction of the Sapin 2 Law on Wednesday 30 March 2016, comments were posted on the web. This anti-corruption law, on which the AMF intends to rely in order to improve its business, provides for various changes, including a ban on advertising in trading. Faced with this program, the leader in binary option trading OptionWeb did not fail to express itself

About the Sapin 2 law

The Sapin 2 law is an anti-corruption bill proposed by Finance Minister Michel Sapin. It follows the first anti-corruption law that came into force in 1993 and provides for stricter measures to restore financial transparency in France. Among the issues addressed by this law is the establishment of a new control body, the National Anti-Corruption Agency, which will be responsible for investigating, establishing strategies and punishing offences. Criminal sanctions have also been introduced in the context of international corruption, as well as a refocusing of lobbying and better protection for whistleblowers. In the context of the stock market, the Sapin 2 Law also provided for a ban on advertising for Forex brokers and binary options.

A reminder statement

Thus, in response to this new anti-corruption program, the leading broker in binary options, OptionWeb, issued a press release. The company’s general manager, Yiannos Ashiotis, pointed out that OptionWeb has always respected

“the European Directives on the provision of services (…) and has always fully supported and continues to support all types of initiatives to combat financial scams on the Internet”.

However, he pointed out that many players are not really familiar with the world of online trading, including Forex and the binary exchange, and that other measures must be taken.

Legal and illegal companies combined

In his statement, Yiannos Ashiotis denounced the practice of some media outlets that

“tend to put everyone in the same bag.”

However, for OptionWeb’s director, it is essential to clearly differentiate between illegal brokers and those who operate legally. In particular, he stated that OptionWeb is fully regulated by the AMF and complies with European market regulations. For him, the public authorities, including the Minister of Finance, Fraud Prevention and the AMF, should therefore take the necessary measures to block these unauthorised companies. In particular, they could require banks to

“a true discipline: not to accept transactions with such fraudulent companies. ยป

Serious consequences

The stakes of the Sapin 2 Law are high in the field of trading, and for OptionWeb’s management, certain measures should be taken to ensure that this is really beneficial for legal actors.

“Unfortunately, it is regulated companies such as OptionWeb that would be mainly affected (…). Indeed, the advertising ban on regulated trading platforms will naturally guide traders into the mouths of fraudsters who do not apply any law and this, with complete impunity.

At a time when online trading is a booming market, this bill could have serious consequences and, if strict measures are not taken, individual investors could find themselves even less protected. To be continued..