US cracks down on online betting

US regulators yesterday charged a Cyprus-based company with illegally selling financial contracts to US clients, the latest crackdown on online betting after Dublin-based Intrade was forced to cease trading. The Commodity Futures Trading Commission and the Securities and Exchange Commission both filed lawsuits against Banc de Binary, saying it offered investments known as binary options that enable investors to bet on market prices and preyed on investors with modest means.