Exclusive: Banc De Binary to Close Down
A company official has explained that all arrangements have been made to stop accepting new customers.
Mega-quake in the binary options industry: Finance Magnates has learned Banc De Binary, one of the biggest global providers, is shutting down its operations, winding down its business and leaving the binary options industry for good.
A high level official at the CySEC-regulated binary options provider has confirmed the news, explaining that the move was taken by the firm’s owners following the consistently negative press that the company faced over the past year.
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“It’s become the wild west in the past few months,” the company official told Finance Magnates. “Its just not worth the tarnished reputation. I don’t see how we can continue operating under such scrutiny and public image.”
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The official explained that all arrangements have been made to stop accepting new customers. “All client funds are being sent back to their original source. We’re just waiting for the official announcement from the board to begin the process. They are literally about to kill a five hundred million dollar company, but even worse – the icon of the binary option industry,” he concluded.
Sponsorships and inquiries
Banc De Binary was founded 2009 by Oren Laurent and at its peak employed hundreds of employees. Its headquarters are located in Israel, with an office in Limassol Cyprus. The first signs of trouble could be seen last September after England premier league club Southampton revoked a sponsorship deal that it had signed with Banc De Binary only a few weeks earlier. The British football club didn’t elaborate on its reasons for backing off from the deal, but mounting pressure from local newspapers must have played at least some role.
Since its establishment, Banc De Binary has been a high profile binary options provider, even sponsoring Liverpool FC for one year. On the other hand, it was the center of few press inquiries, including a special report by Finance Magnates about the way UK tabloids were duped by a sophisticated affiliate program – Banc De Binary was one of the sites traders were being diverted to.
The firm has been under the scrutiny of many regulators recently. Last February, the provider was forced to pay $11 million to US authorities after several years of investigations regarding the illegal targeting of US customers.
As part of the settlement Banc De Binary reached with the American Commodities Futures Trading Commission (CFTC), its founder had to pay $150,000. Just a month before, in January 2016, Banc De Binary faced another blow when CySEC fined it €350,000.
banc de shutdown
Are you sure, Dan? I heard something else. Please check your sources.
banc de bye bye
The question is what the customers will believe in after the “Binary Icon’s” total crash.. In trading with regulated companies only? – What if it will not save you? The company will pay fines, and will keep work illegally till will not close down.. In reviews? – BDB was on top of affiliates reviews.. Maybe in that the Binary Industry is globally fake?
Fxpro will soon follow given the inability to repay the $40 million owed to Deutsche Bank since the SNB event took place and the failed IPO attempt.
Mark my words
over 18 months ago. But unfortunately many publications are often too scared to go after brokers, even with blatant evidence that they are ripping off clients. Advertising revenue vs reporting the truth; one of the many conflicts of interests in this industry.
BinaryWatchdog.org exposed Banc de Binary from the beginning as unreliable. Not everyone was fooled. There are far better brokers out there than Banc de Binary, it’s a shame they ended up with such a high profile.
Sorry, mate! BinaryWatchdog.org is just another of the plethora of websites that rubbishes their competition in order to tout their own BO scam op affiliates. Have you managed to make anything like the kind of profits that their (doubtless fictitious) poster-boys and poster-girls claim to have made? Am I surprised that your answer is no? Would I be surprised if you told me that you have only managed so far to lose money with these scammers (or to build up fictitious pofits that you will never be able to withdraw)? This whole industry is very sad and it’s criminal:
this is what happens when you work as if you are not regulated and not follow the law cause the cost of the fine is covered by the amount you steal! and the regulator is after the regulated companies instead of the unregulated ones. close the banks and clearing companies for the unregulated and the regulated companies will be able to compete with law abiding rivals. it is simple but for some reason the regulators are afraid to go after the real criminals. it happened before in the gaming industry why cant it happen in the finance industry? is CYSEC… Read more »
Yes @insider, CYSEC is made of people (and just a bunch of them are relevant executives). Those people have the ultimate authority to dictate who gets analyzed and fined, when, why, etc. Now put the huge money the “brokers” are “making” next to some of these key-people in the regulatory body and there you have it! Nothing you haven’t seen before. Corruption by definition. If i know how to kill a monster that size, so does CYSEC. The only effective way to live around financial monsters is riding them.
They probably have a new brand on stand by to start pushing to the clients.
It a multi million dollar industry, do you really think those guys will let go ?
I doubt it, sooner or later, you will a new company in the market target the same Affiliates and clients
I heard this too from a charge-back company. About time they closed down with all the problems they have caused.
They do have another platform — option.fm
closed
They DO NOT refund whatever is left in the account. They just run away with ALL the money
They run away with my money I had more than $2,000 in my account and now is in 0000 and they dont even answer me
I’m glad Banc De Binary is finally CRUSH. I think there are more Binary Option Scams will crash soon. Especially those experts claim to bring you Millions in a few months or even ten of thousands in a few days. Especially now in Malaysia the Binary Option suddenly blooming fast. People are getting GREED because the economy is getting more and more unpredictable. Majority of peoples are feeling hardship in daily life. Our government just do realize the present situation. They are out of focus of everything seriously!!
I’m waiting for my refunds since January and they just tell me that they have a lot of work bc they are returning all the money and I need to wait … but it’s almost April and I don’t see the time when are they going to return me my money… it’s a shame I don’t trust anymore in this industry…
I feel sorry. Please do not expect too much.
Now my account apears in 0000 but I didnt received my money …
@warm Brokers have been failing across all asset classes for decades. Regulators have been failing to prevent those occurrences for decades. Choosing the right broker remains the client’s responsibility and risk. Any dealing with financial investments carries a variety of monetary risks, to which all clients have agreed in writing.
@warm Brokers have been failing across all asset classes for decades. Regulators have been failing to prevent those occurrences for decades. Choosing the right broker remains the client’s responsibility and risk. Any dealing with financial investments carries a variety of monetary risks, to which all clients have agreed in writing.
what do you think of the likes of LMAX as a rather institutional attempt at retail fx?
what do you think of the likes of LMAX as a rather institutional attempt at retail fx?
how does a one get there money out of this company ? I have tried the withdrawal method and have been waiting over a month now ,also tried contacting them with no response.
Im also in the same place mate… I had more than $2,000 and now the account is in 000 and I ddint received anything and I dont now what to do now… I hope somebody knows what to do
Hello I had more than $2,000 USD on my account in Banc de Binary, I have been asking for that money, I had the emails, and the image of the money that I had and now the account is in 000´ s but I didn’t received the money and they are not answering me… Do somebody knows what to do in this case. Thanks for your attention
who do you trade with now?