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.
“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.”
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.
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.
“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.”
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.
SVG Brokers Seek New Home in Other Jurisdictions after Regulator's Deadline
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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