HighLow Markets, a Sydney-based binary options broker, joins the list of brokers preparing for upcoming product intervention measures from the Australian regulator ASIC. On Monday, the company sent an email to its customers outside Australia, informing them that it would stop providing its services to them, citing recent regulatory changes as its motivation.
As a result, the broker will not register new traders from outside Australia and any existing foreign accounts will be closed. The changes are effective immediately, the company also said.
“We apologize for having to take this action and thank you for choosing HighLow Markets. If regulatory conditions change in the future, please rest assured that we will of course notify you. “
ASIC plans to ban products it considers defective and highly dangerous. As in Europe, the main products on the regulator's radar are binary options and contracts for difference (CFDs). Brokers in Australia not only had to prepare for upcoming product intervention measures but also had to deal with ASIC's request to stop providing services to foreign clients (from outside Australia), where companies are not regulated. After this happened, brokers like IFGM, which was the first broker in Australia to start closing accounts for foreign clients, as did Vantage FX and many others.