<p>Well nobody can see what you do over PMs. SO there would be no way of regulating it unless one of the participants in the PM complained or something. They can’t even see what you do over PMs even if a website is involved. And btw, technically, it is just as illegal to share websites as just trade tests. But nobody cares if it isnt in public.</p>
<p>Another important distinction to make is that you are not breaking criminal law unless you make a profit. If you just trade them without making a profit, you are only breaking civil laws. In other words, you aren’t going to jail. The worst CB can do is take you to court and demand you pay them damages for distributing copyrighted material, an action they have not yet taken, to my knowledge, against someone who has not profited from the trading of QAS’s.</p>
<p>Disclaimer: I am not a lawyer and the above is not legal advice. It may be completely wrong. I take no responsibility for any actions you take based on the above. You should consult your lawyer for legal advice.</p>