The Cypriot regulator has issued a statement that one of the largest binary options brokers, Banc De Binary, is renouncing its Cypriot license. This step is quite logical, taking into account the decision of the owners of the company that the company will be closed.
Recently, a representative of the administration of Banc De Binary announced that the company will not continue to work in the field of binary options. This is due to the pressure under which the broker has recently worked, as well as events that have undermined the company’s reputation.
The broker has been using a Cypriot license for many years and offering its services in the European market. Now, on January 15, the license will expire, this time forever. Nevertheless, the Cypriot regulator said that it would look after the broker until he fulfilled all his obligations regarding clients.
But the blows of fate are not over yet. London-based law firm Giambrone is preparing a lawsuit against the broker. This is due to the complaints of more than 40 investors, who, as they themselves claim, suffered from the fraudulent actions of the broker.
