Is it forbidden to trade binary options in Russia?, Russia set to regulate binary options as gambling products – Central Bank report indicates


On Thursday, September 14,the proceedings commenced.

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Yandex and Process-A sought to defend themselves by arguing that the services they advertised were not financial and, therefore, do not require a license by the Bank of Russia. Moreover, they said, the company whose services they were advertising is targeting residents of the Seychelles and not of the Russian Federation.

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The adverts in question were about online trading services provided by Olymp Trade, a brand of Smartex International Ltd. The website of the company offers a variety of trading services, with an apparent focus on binary options.

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According to the Russian Association of Forex-dealers, which filed the complaint over the illegal advertising, there is a violation of the law, as the website of the entity in question has a Russian version and obviously targets Russian clientele. Moreover, the adverts were distributed in Russia, and clients are allowed to start trading using Rubles.

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Forex advertising in Russia is allowed only to companies that have Forex dealer licenses issued by the Bank of Russia. Binary options trading, however, remains a grey area and the regulators have not made any particular statements as to how this segment may be treated.

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Forbes based its estimates on data derived from SimilarWeb. The data show that in April this year, the four platforms in question had more than 50 million visits.

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This means that Russia accounted for Very far behind it in the ranking are Thailand, Brazil, Turkey and Vietnam — countries with apparently lax regulation.