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.

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According to that statement, the broker allegedly infringed upon a number of different regulatory standards.

CySEC noted that the broker might have breached rules related to providing clients with best execution 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.

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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.

 

 

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