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For example, if the terms of a binary option contract provide for a specified return based on the price of a companys securities, the binary option contract is a security and may not be offered or sold without registration, unless an exemption from registration is available.
If there is no registration or exemption, then the offer or sale of the binary option to you would be illegal. A person who engages in the business of effecting securities transactions for the accounts of others in the U. generally must register with the SEC as a broker-dealer. This would be the case if they matched orders in securities of multiple buyers and sellers using established non- discretionary methods.