One unified market has better stability than several smaller individual markets. EU is there to unify those markets and simplify many complicated processes. The fact that Great Britain left the European Union will create a wave of economic consequences, and binary options will go through some changes as well.
People that voted for the exit of the UK out of the EU said that their country lost authority over the legal decisions in their country. But right now, Britain has zero power over the decisions made in EU. Costs of regulations and laws are high and from now and in the future Britain will have to finance all their decisions alone without any backup from the EU.
So, how this affects binary options? Well, it all comes down to the registration of the binary options brokers, which is done over CySEC aka Cyprus Securities Exchange Commission. Every binary options company that wants to offer their services to the citizens of the UK will need to complete a registration through FCA aka the Financial Conduct Authority. Up until now, this wasn’t necessary as the regulation process went through EU authorities. But, that will change, and the costs will have to be paid by both the companies that apply for this registration and the citizens of the UK (through taxes).
The world of binary options went through a lot in last several years. Until a few years ago the world of binary options was full of scammers and frauds. There was a widespread lack of control, and there were no laws that would regulate binary options trading. This changed with the implementation of several laws and introduction of the CySEC. All brokers regulated by CySEC will meet a series of legal obstacles over the next two years. As long as there is a part of the UK still mingled in the EU it will cause ripples through financing world. Legal hardships are still unknown, but all parties are confident that it will be a long and strenuous time.
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No broker is registered in the United Kingdom. All agents from the Europe are recorded in France, Germany or Cyprus. What will happen when the Brexit comes in full power no one knows? British binary options brokers may find themselves on the crossroad, and they may go down due to legal complications.
Some of the best brokers are located in London, so what will happen to them is still unknown. If the costs of new registrations exceed normally expected numbers, they may decide to shut down their business and move somewhere else. Other companies may simply lose their British traders, which will result in loss of profit. How extensive the damage will be we will have to wait and see.