The Cyprus Securities and Exchange Commission (CySEC) has issued a communique that reveals that binary options broker Banc De Binary has renounced its license. The news comes only days after Finance Magnates revealed that the company is preparing to close down its operations.

After operating for a number of years as a Cyprus Investment Firm (CIF), the binary options brokerage is looking for an orderly exit from the industry. In the meantime, London-headquartered law firm Giambrone has announced that it is looking to file a class action lawsuit against the firm.

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According to CySEC’s announcement, Banc De Binary renounced its license on Monday, the same day that Finance Magnates broke the news.

The company has been providing its services to European clients via the domain eu.bancdebinary.com. The authorization of the company will lapse on the 15th of January, 2017.

CySEC highlights that regardless of the license renunciation, Banc De Binary Ltd will remain under the supervision of the Cypriot regulator until the brokerage settles its obligations with clients.

A company senior official shared with Finance Magnates on Monday that the company intends to return to its clients all deposits and that it is not accepting new clients.

The brokerage has been under heavy scrutiny by various media outlets in Israel and the UK.

Last year was particularly difficult for the binary options industry due to regulatory changes in Europe and a dramatic increase in complaints against many industry brokerages.