According to the statement, the Autorite des Marches Financiers (AMF) informed that it observed online trading platforms such as binary options, contracts for differences (CFDs), and Forex contracts. AMF concluded that such platforms qualified as derivatives, making them subject to AMF oversight.
The AMF stated that online platforms which offer cryptocurrency derivatives fall within the scope of MiFID 2 and must, therefore, comply with the authorisation, conduct of business rules, and the EMIR trade reporting obligation to a trade repository.
Two French platforms Plus500 Ltd. and IG Group Holdings Plc. had reported strong growth in their quarterly earnings reports, which they attributed in part to their cryptocurrency futures and derivatives products.
The agency also declared a ban on the advertising of crypto derivatives based on a new anti-corruption law.
At the moment EU regulators are considering banning trading platforms citing concerns about investor protection. Due to this fact, the AMF’s interest in unregulated cryptocurrency futures and derivatives trading increased.