CySEC Warns Investors of LBinary.com, Live Binary Ltd, Not Licensed or Regulated in Cyprus
Following CySec's warning of Live Binary Ltd., members of Forex Magnates research team contacted LBinary.com to inquiry about their regulatory
The Cyprus Securities & Exchange Commission (CySEC) has today announced that LBinary.com, under the name Live Binary Ltd, is not regulated or authorized in Cyprus, as part of public announcement made by the regulator to warn investors.
CySEC said that LBinary.com (Live Binary Ltd) is not permitted to provide investment and ancillary services in the Republic, pursuant to investment services and activities and regulated markets law, as it never has been authorized by the Commission, nor is it a bank or a cooperative firm established in Cyprus or authorized to do such services, and how no notification has been received by a competent authority of any member state pursuant to section 77 and 80 of the above mentioned law, as per the warning. The regulator had been recently cracking the whip on unregulated firms, as reported in December when CySec handed out a fine to an unregulated firm.
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Member’s of Forex Magnates research team contacted LBinary.com via their Live Chat function, and when posing the question as to “whether they are regulated with any governmental subsequently authority?,” the unexpected answer received indicated the chat operator was not aware of the firms regulatory status, nor about the news that had just broke by CySEC as it had only been a few hours since the regulator put out the announcement.
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Subsequent to our coverage of the CySEC warning, Forex Magnates reporters then spoke with a member of LBinary’s management who clarified what the chat operator had said and explained that the firm is purposefully not regulated as he opinedd how the extra value-add often afforded to customers is debatable (i.e. regulatory status alone isn’t always indicative of all potential risks/rewards.).
According to information on the Lbinary website, LBinary is described as a brand of Targaryen Holdings Limited, with an address listed as in Gibraltar.
To hear and talk with experts, on matters like these -such as researching Binary Options providers- see the Experts Forum, available via Forex Magnates.
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If you say that Lbinary is not regulated or authorized by Cyprus. Can you help me on this matter in getting it back . Jake Brand a broker from Lbinary who had con me $4000 then he included the $1000 to be added that was a previous lose earlier on many trades in the past and he said that there is a special promotion on a package of $5000 to be 100% covered by an insurance policy , He also keep on saying that the oil prices is going up and he wanted to help me to get back my… Read more »
The site is unregulated so you can not turn to any regulator to file a complaint. Legal authorities in Gibraltar where the firm claims to be based might be the only address.
Then who can help us , where can we go to seek help for the unregistered firm with our dispute.
How did you proceed? My withdrawal was pending for more then 2 months. Then, without my knowledge and permission, Ben Fishmen switch on an automated robot on my account. As you can imagine the robot does not work profitable at all. I was complaining and complaining to support, chat and my account manager with not reaction. All my money was burned down to zero after two weeks. I am thinking about to put a criminal complaint on Lbinary. I have experienced that it is not easy to get details on Lbinary. Even not an address or name of legal representatives.… Read more »
On what Lbinary on the forms that I had gotten from Lbinary in which came from the crooked broker Jake Brand had said it is owned by Chelestra Limited , located at 5 secretary’s lane in Gibraltar 1-(212)-796-0438. They have told me that Jake Brand is no longer working there due to his wrong-doing to me and even though they (Lbinary) has admitted with the apologizing repeatedly to me on his unprofessional behavior in deliberately to scam me wants me to sign a $5000 bonus , but I haven’t done so because we all know or who has gone through… Read more »
Under NO circumstances should you trade with Lbinary. To cut a long story short. I invested a lot of money with them and I was said to be a VIP trader! But they lost the lot – nothing but a few cents in my account- in just one night – the broker was told NOT to trade below a certain figure but he did so without my authority. LBinary’s trading accuracy was around 40% – That means about 60% of the time the trades LOST. Just over a year ago their CEO Joseph Goldenberg admitted their wrong doing, fired the… Read more »
how can we bring this people to court ….they take my account i have no address for complaint or phone number .
how o what can we do
I have been trying to get my money back since 2014 . They refused my withdrawals because
they planted a bonus without my consent . That was my senior manager she went under the name Michele Zapos as soon as she got USD 18000.00 out of me after making promises of
profits , she disappeared always excuses for her absence by staff . LBinary was always out to
steal and defraud its clients from the beginning , they had long term plans to disappear with all
the millions . What to do.