The company has officially announced that everything is ready to stop accepting new customers.
A mega-shock in the binary options industry. Finance Magnates has learned that Banc De Binary, one of the largest providers on a global scale, is preparing to cease operations and leave the binary options industry.
A service provider in the binary options industry, regulated by CySEC, confirmed the news, explaining that the decision was made by the owners of the firm as a result of years of negative pressure faced by the firm.
“In the last few months, it’s become reminiscent of the wild west,” said a spokesman for Finance Magnates. “It’s just not worth the ruined reputation. I don’t see how we can continue to work in such tough conditions and with such an image.”
A company spokesman explained that everything is ready to stop accepting new customers. “All customer funds were sent to their original sources. We are just waiting for the official announcement of the board of directors to start the process. They’re literally about to kill a company worth five hundred million dollars, but what’s worse is that it’s a symbol of the binary options industry,” he concluded. T
Sponsorship & Investigations
Oren Lauren, Founder of Banc De Binary and Olly Dale, Chief Commercial Officer, Liverpool FC
Banc De Binary was founded in 2009 by Oren Lauren and at its peak the company had hundreds of employees. The company’s offices are located in Israel, Limassol, Cyprus. The first signs of alarm began in September, after English first-class football club Southampton terminated a sponsorship agreement it had signed with Banc De Binary just a few weeks earlier. The British football club did not bother to explain the reasons why it broke the deal, but it was most likely influenced by the growing pressure from the local press.
Since its inception, De Binary has been a first-class provider of binary options services, even being a sponsor of Liverpool FC for a year. On the other hand, the broker came under press fire after several British tabloids were scammed as part of an extremely sophisticated affiliate program – Banc De Binary was one of the brokers to which traders were directed.
And recently, the firm has come under the scrutiny of several regulators. Last February, the firm was forced to pay an $11 million fine after a years-long investigation into allegations that the firm illegally recruited American clients to trade.
Banc De Binary has reached an agreement with the American Commodities Futures Trading Commission (CFTC), its founder must pay a fine of $150,000. And a month earlier, in January 2016, Banc De Binary received another fine from CySec in the amount of 350,000 US dollars.
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