Brokers News

It's official: Banc De Binary renounces Cyprus license

Jan 11 2017 12:43:49 GMT
By
Jonathan Smith , Find me on Google+

 Banc De Binary, the largest and oldest regulated binary options broker has renounced its Cyprus license, several days after the first reports that it is planning to shutter its business and has stopped taking clients from the EU. 

 According to the announcement of the Cyprus Securities and Exchange Commission (CySEC), the license for the site operating on eu.bancdebinary.com lapses as of January 15, 2017. Banc De Binary, however, remains under the CySEC supervision until it settles its obligations arising from the investment services or/and activities that will lapse.

  
Earlier reports, quoting sources in Banc De Binary, claimed the company is planning to terminate its business altogether because of the bad reputation and regulatory troubles it had in 2016. 
  
Following the report from this Monday, other sources within the binary options industry claimed the company was closing only its unregulated brands OptionFM, BDB.com, Dynamic option. Obviously, the latest development suggests that Banc De Binary is indeed closing shop. Most likely, however, it will reinvent itself as something else.
 
 In the autumn of 2016 Banc De Binary lost its Belize license. Earlier in the same year it agreed to pay more than $11 million in settlement with the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for illegally offering off-exchange binary trading to US citizens. In January, 2016 the broker was ordered to pay €350,000 in settlement to the CySEC.
 
 
TAGS: banc de binary  license  cysec  binary options 
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