Banc De Binary Gains CySEC Regulation and Expands its Business to Cyprus
Banc De Binary today announced their plan to launch in Cyprus with a new headquarters in Limassol. The Cyprus office
Banc De Binary today announced their plan to launch in Cyprus with a new headquarters in Limassol. The Cyprus office will serve as the company’s European and Middle-Eastern headquarters and represents a multi-million Euro investment in the island.
Established in 2009 in the United States, Banc De Binary’s worldwide headquarters are located in New York. Banc De Binary becomes the first standalone binary options broker to receive CySec regulation and follows provider Spot Option that was granted a license in 2012.
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The CySEC license offers an additional layer of transparency, accountability and security to Banc De Binary clients, whose accounts are now fully-protected by the Investor Compensation Fund in accordance with CySEC’s regulations.
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Oren Laurent, CEO and founder of Banc De Binary, said of the move: “Cyprus’s geographic location, excellent infrastructure and high-caliber labor pool made the island our first and only choice for our European and Middle Eastern headquarters”.
The binary options industry as a whole is expected to create 1,200 new jobs in Cyprus, with Banc De Binary set to take on more than 120 people in 2013. This, along with significant corporate tax contributions on projected annual earnings of well over 100 million euros, makes Banc De Binary a considerable addition to the Cyprus business landscape during these challenging economic times.
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Well thats a little ridiculous. That a smalltime binary options bookie is allowed to call it self ‘banc’ (let alone ‘bank’) and ‘private bankers’ – without actually being regulated as a bank – certainly wouldn’t fly anywhere else in Europe but in Cyprus.
Well, being how well the banks with a K are in Cyprus, they probably just need the money
“Small Time Bookie” has over 200k clients and already obtained banking licences. Last time I checked, how many of the 17,000 banks in the US have 200k clients. Check your facts Andy….BTW – FSA also approved their operations from what I understand. (And yes, I am client of theirs 🙂
Its part of them trying to initiate same day settlements – we wrote about it here http://forexmagnates.com/cls-bank-the-world-of-fx-settlement/ and the current news was referenced to at the end of the article
Its part of them trying to initiate same day settlements – we wrote about it here http://forexmagnates.com/cls-bank-the-world-of-fx-settlement/ and the current news was referenced to at the end of the article
@John – do you have a way to verify that 200K figure other than it appearing on their press release. Sorry, call me skeptical. Also, it’s not so much the #’s of client as much as net capital. I’ll still root for the US Banks, and hey, they’ve got Bo Jackson in their ranks. Bo knows Banking! But Bo hasn’t gone BO (couldn’t help being nostalgic – sorry if all non-US readers have no idea what I am talking about) https://www.brbank.com/thebank/directors.cfm
John, ok then share your facts: in which jurisdiction do they have a banking license? On the website of their cypriot entity they state they are a privately held brokerage. Nothing in the FSA register. Maybe not so smalltime(relatively), although i personally take numbers provided on a ‘About us’ page with a grain of salt. I don’t understand how something like this can be passported. In germany/austria/switzerland this website wouldnt last a week. I’m sure banking laws are very strict most everywhere else. P.S. if you browse the Cysec register, it appears it actually isn’t passported yet. They are in… Read more »
P.P.P.S. lets see how long this cypriotic regulatory bubble lasts – NL and germany are putting pressure on them, they aim to make minimum standards in AML and a higher corp tax (and essentially ending their onshore offshore status) conditional in the course of their banking bailout program. Apparently mother russia will not participate in the bailout like last time, so things may change.
Ah, the GAW shills are back.
Ah, the GAW shills are back.
Their not public, that’s for sure (which I usually take as a good sign today). I reckon if your licences and place false advertising on your site – your in big trouble. But I emailed CYSEC to get some info and was pretty impressed by the process. Turns out that CYSEC also qualifies regulation for the 27 European Union countries so that’s gotta count for something. Also, BdB is pretty transparent with staff, CEO, and all that – that’s why I became a client (and I am not a random gambler). I lost a nice portion of my wife’s hand… Read more »
Goldman, Morgan, etc started out as successful financiers that attracted investors – allowed them to borrow at 5% and bag 10%+ gains on their investments and loans. I think a better example is etrade. Having been one of their really early clients (I actually started as a customer when there was no website and it was through a direct connection of your computer modem connecting directly to their IP they provided), no one really cared about anything else they launched other than stock trading. Having worked with fx brokers, I am not going to throw mud on CySec regulation as… Read more »
Called BDB, auditing gets done by KPMG. Asked about passporting, was told that it was already active and takes up to 20 days to appear on various regulators websites. I take it if they do appear in 20 days on FSA etc. – I will know if my money is in the right place. Am I right? Anybody have some more insight?
Oh, and I asked why Cyprus and not CFTC? Answer was pretty straight forward: 10% corporate tax and lower labor costs in comparison to US. They added that the CFTC hasn’t shown interest in regulating binary options at this time and they hope that this move will encourage the US regulators to see binary options as a viable financial product. I wish I had 10% corporate tax. Is Cyprus nice and sunny?
Some interesting reading for those who have some time to spare regarding.. Banc De Binary.
http://www.classwarfareexists.com/banc-de-binary-responds-to-my-article-on-scam-artists-threatens-iacwe-with-legal-action/
@john – don’t care who does the auditing, but it should be made public @xantos – I published your comment with this disclaimer – as this is a news site, we always appreciate investigative reporting. However, we also recognize that there are lots of former clients with grievances towards brokers, both legitimate and not, which leads to lots of vitriol being thrown onto brokers. These discussions are often best placed in broker review boards where there is a focused group of clients that can provide their experiences. Basically, what I am trying to say is that I don’t want this… Read more »
I thought the position of these Binary Options white labels was that they didn’t need a Cysec licence to operate due to the fact that they were acting only as a SpotOption White Label? As their appears to be a number of Binary Options platforms operating from Cyprus on the basis that the SpotOption licence covers them as well? Is this correct?
I am admittedly not an expert, but I believe it comes down to handling of funds and managing the dealing operations. If a WL is using a binary providers technology but also involved with the risk controls and acting as a financial intermediary with account deposits than they would seemingly need their own regulation.
new CySec regulations mean they do need a dealing license if they take client funds directly. if they operate through the likes of SpotOption who accept the money on their behalf – they don’t need a license.