Globally renowned and high profile binary options broker Banc De Binary is reportedly closing down. Over the years they have managed to become one of the biggest and most valued binary options broker provider in the market.
Accusations and Tarnishing of Reputation
Regulatory pressures and the tarnishing of their reputation over the past year has led to their decision to wind down their operations. This ground-breaking news was confirmed by a CySEC official. Last year Banc de Binary was accused of allegedly signing up US investors illegally and had to pay penalties of $11 million.
Banc de Binary, an Israeli based broker is urging their clients to withdraw any remaining funds that they have in their accounts and will not be accepting any new customers.
Bad Press Reports
This comes after bad press reports of binary options brokers and regulatory changes throughout Europe. There were many complaints particularly brokerages in Israel, citing that many of them have scammed and duped large amounts of money from investors.
Some were accused of not allowing investors to withdraw their funds. This provoked investigations and the securities regulator to ban brokerages in Israel from selling binary options abroad.
Banc de Binary has been providing its services on the domain eu.bancdebinary.com in Europe, their authorization to provide financial binary options trading services will elapse on the 15th January 2017.
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