The U.S. District Court for the District of Nevada July 30 granted the Securities and Exchange Commission’s motion for a preliminary injunction in an action over the sale of unregistered “binary options” (SEC v. Banc de Binary Ltd.).
Judge Robert Jones said that “Congress has enabled the SEC under … [securities law] to regulate wagering contracts turning upon the value of securities. That is what binary options are, and the SEC may therefore regulate them.”
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The court said that defendant, Banc de Binary Ltd., is a Cypriot company with a license to operate in Cyprus...