Banc de Binary and CySEC Reach $300,000 Settlement
- The broker and regulator reached the agreement in March of this year
Former binary options broker Banc de Binary reached a 300,000 euro ($335,408) settlement with the Cyprus Securities and Exchange Commission earlier this year.
The regulator released a statement on Wednesday saying that it had agreed to the settlement in March of this year.
According to that statement, the broker allegedly infringed upon a number of different regulatory standards.
CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term noted that the broker might have breached rules related to providing clients with best Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term services. The broker also allegedly did not adhere to proper business conduct standards when dealing with traders.
Along with its dealings with clients, Banc de Binary may have not properly submitted compliance documents to CySEC.
The regulator said in its statement that the broker has already paid the settlement sum in full. Those funds are put into the Cypriot government's treasury and are not handled by CySEC.
Out of action
The case against Banc de Binary is likely to have taken quite a while.
As Finance Magnates reported at the time, the binary options broker renounced its Cypriot regulatory license in January of 2017.
CySEC said on Wednesday that the broker had returned all client funds since then. The broker was, however, unable to return some funds to its clients.
That money has, according to CySEC, been transferred to a bank account earmarked for any investors that haven't yet reclaimed their lost funds.
Former binary options broker Banc de Binary reached a 300,000 euro ($335,408) settlement with the Cyprus Securities and Exchange Commission earlier this year.
The regulator released a statement on Wednesday saying that it had agreed to the settlement in March of this year.
According to that statement, the broker allegedly infringed upon a number of different regulatory standards.
CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term noted that the broker might have breached rules related to providing clients with best Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term services. The broker also allegedly did not adhere to proper business conduct standards when dealing with traders.
Along with its dealings with clients, Banc de Binary may have not properly submitted compliance documents to CySEC.
The regulator said in its statement that the broker has already paid the settlement sum in full. Those funds are put into the Cypriot government's treasury and are not handled by CySEC.
Out of action
The case against Banc de Binary is likely to have taken quite a while.
As Finance Magnates reported at the time, the binary options broker renounced its Cypriot regulatory license in January of 2017.
CySEC said on Wednesday that the broker had returned all client funds since then. The broker was, however, unable to return some funds to its clients.
That money has, according to CySEC, been transferred to a bank account earmarked for any investors that haven't yet reclaimed their lost funds.