Banc De Binary Closure

Banc De Binary Closure
Authors Rating

Banc De Binary Closure

Banc De Binary a company that was founded in 2009 and was well known in atleast theree countries annonuced in 2017 that there will be shutting down operations due to issues with regulators and authorities worldwide.  In addition they claimed that the companies tarnishing reputation had an impact on their decision to pack up shop.

 

This comes after a heavy clampdown on the industry following a continuning rise in the movement towards a more regularlised and transperant framework by the security exchanges like CYSEC and the FCA.

 

Banc De Binary Closure

 

CySec has already fined Banc De Binary

CySec has already fined Banc De Binary several times.  Traditionally A binary options brokerage, this company was barred from accepting U.S. customers in August 2013 after being charged with several offenses by the CFTC and SEC in a civil lawsuit. It was subsequently banned from accepting customers in Canada, Australia, New Zealand, and Israel

Following this settlement, Banc De Binary entered a high-profile partnership with Liverpool Football Club, and try to re-market itself. The company has set up a number of local brands. The road to the top for BdB has been one fraught with potholes. Full European regulation and compliance with the MiFID directives has always been a goal for Banc De Binary.  They’re aiming to eventually mold their business model into one fully acceptable for European regulators.

 

Banc de Binary Ltd., based in Cyprus, along with ET Binary Options Ltd., BO Systems Ltd., and BDB Services Ltd., based in Israel and the Republic of Seychelles, collectively conduct business internationally as Banc de Binary. They tried to mold themselves to comply with CySEC as well as the ESMA (European Securities Markets Authority).

 

The Cyprus regulator CySEC has informed that Banc de Binary renounced its authorization on 9th January 2017. Its authorization nr. 188/13 lapses as from 15th January 2017. The company remains under the supervision of the CySEC until it settles all its obligations arising from being a regulated broker. Link: http://www.cysec.gov.cy/CMSPages/.

 

Leave a Reply

Your email address will not be published. Required fields are marked *