de | cn | ru
Forex

Brokers News

Banc De Binary shuts down, new EU clients are no longer accepted

Update: on January 11, the Cyprus Securities and Exchange Commission officially announced that Banc de Binary renounced its authorization to operate as a Cyprus Investment Firm.

 

One of the leaders in the binary options trading market, Banc de Binary, closes operations. The Forexbrokerz team found out that EU residents are no longer accepted as clients through the broker’s sites.

 

According to online media Finance Magnates, after the consistently negative press publications that the company faced over the past year, it decided to close down operations and leave the binary options industry. The media cited an insider source - a high level official at Banc de Binary (BNB).

 

“I don’t see how we can continue operating under such scrutiny and public image,” the BNB employee told Finance Magnates and further explained that all arrangements have already been made to stop accepting new customers. “All client funds are being sent back to their original source… They are literally about to kill a five hundred-million-dollar company, but even worse – the icon of the binary option industry,” he noted.

 

Established in 2009, Banc de Binary is one of the first regulated binaries brokers. In Europe, it is operated by Banc De Binary (Cyprus) Ltd, a Cyprus Investment Firm (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).

 

The company also has another unit, BDB Services (Belize) Limited, which was regulated by IFSC, but lost its license due to incompliances with the local regulations in October 2016. This was a severe blow on the broker’s reputation, as Belize a popular offshore destination renowned for its milder regulation that places little focus on supervision of forex and binary options brokers.

 

Before that, Banc de Binary suffered several harsh fines from the Cypriot watchdog - in January, 2016 the broker was ordered to pay €350,000 in settlement to the CySEC. The regulator had found that the broker failed to comply with its requirements for authorization and has not properly informed clients about its services, the related risks, costs and charges that may occur.

 

Previous year, the broker also had problems with the US authorities. In February 2016, it was ordered 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.

 

Basically, Banc de Binary has been on almost every financial regulator’s warning list. So, it is no wander its reputation is ruined and it decides to leave the binary options business. In fact, the whole binary options market is under the attack of EU financial watchdogs, that keep coming up with various restrictions on the public marketing or distribution of this risky products.

TAGS: Banc de Binary  regulation  CySEC  binary options  scam 

More news about Banc de Binary

Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Cyprus CySEC in-house mobile
app
$50 Review Website
Seychelles FinaCom MT4 $10 Review Website

More Forex Brokers News

FxOpen expands platform offering with MetaTrader 5

Oct 17 2017 09:09:15

 FXOpen, an ASIC and FCA-regulated forex and CFD broker announced it is adding the increasingly popular trading platform MetaTrader 5 to its offering. It provides access to ECN trading and interbank liquidity. Read more

Grand Capital launches Serenity Financial - blockchain-based arbitration forex platform

Oct 16 2017 07:40:20

 Forex, CFD and binary options broker Grand Capital  announced it has launched Serenity Financial – a blockchain-based secure forex marketplace for traders and brokers. Read more

Saxo Bank adds Ethereum tracker ETNs

Oct 12 2017 15:27:58

Saxo Bank, a major Danish financial services provider and forex broker, announced it is adding Ethereum Exchange Traded Notes (ETNs) to its asset list.   The new instruments are in addition to the Bitcoin tracker ETNs earlier and are all listed on Nasdaq OMX Stockholm. Read more

Forex

CySEC withdraws suspension of OptionRally's license

Oct 12 2017 12:13:20

 The Cyprus Securities and Exchange Commission (CySEC) has announced its October 2 board decision to withdraw the suspension of the license of the binary option broker OptionRally. Read more

FxPro gets Dubai license, to open office there – media

Oct 11 2017 10:25:02

FxPro, a well-established European forex and CFD broker, has obtained a license from the Dubai Financial Services Authority (DFSA) and will open an office in Dubai shortly, reports LeapRate. Read more

CMC Markets opens office in Shanghai – media

Oct 11 2017 08:46:29

CMC Markets, a major global forex and CFD broker, has opened an office in Shanghai, reports the site Finance Magnates. The broker already has an office in the capital Beijing, supported by the team in Australia.   The new office will help CMC Market expand and strengthen its presence in China. Read more

Harborx to showcase its in-house trading app at FinovateAsia 2017

Oct 10 2017 12:03:25

CySEC-regulated forex broker Harborx is among the selected presenters at FinovateAsia 2017, one of Asia’s premier fintech events to be held on November, 7-8 in Hong Kong. Read more

Tickmill jumps the Bitcoin bandwagon

Oct 10 2017 10:25:33

Hardly a day goes by, without a forex broker joining the Bitcoin mania and starting to instruments involving digital currencies. Today’s news is about the global NDD brokerage Tickmill, which announced it is adding the most popular cryptocurrency, Bitcoin, to its trading instrument list. Read more

easyMarkets launches Bitcoin CFDs

Oct 09 2017 07:56:20

 easyMarkets, a global forex broker regulated in Cyprus and Australia, announced it is launching CFDs on Bitcoin, joining the global trend among the forex brokers.   Trading in the new instrument can be done 24/7, with a leverage of up to 1:10 and a minimum deposit of $100. Read more

BDSwiss launches leveraged trading on BTC, ETH, LTC CFDs

Oct 05 2017 07:57:20

BDSwiss, a Cyprus-regulated forex, CFD and binary options brokerage, announced it is launching leveraged trading of CFDs on three of the most popular cryptocurrencies: Bitcoin, Ethereum and Litecoin. Read more

Forex
de | cn | ru