A company official has explained that all arrangements have been made to stop accepting new customers.
Mega-quake in the binary options industry: Finance Magnates has learned Banc De Binary, one of the biggest global providers, is shutting down its operations, winding down its business and leaving the binary options industry for good.
A high level official at the CySEC-regulated binary options provider has confirmed the news, explaining that the move was taken by the firm's owners following the consistently negative press that the company faced over the past year.
“It’s become the wild west in the past few months,” the company official told Finance Magnates. “Its just not worth the tarnished reputation. I don’t see how we can continue operating under such scrutiny and public image.”
The official explained that all arrangements have been made to stop accepting new customers. “All client funds are being sent back to their original source. We're just waiting for the official announcement from the board to begin the process. They are literally about to kill a five hundred million dollar company, but even worse - the icon of the binary option industry," he concluded.
Sponsorships and inquiries
Banc De Binary was founded 2009 by Oren Laurent and at its peak employed hundreds of employees. Its headquarters are located in Israel, with an office in Limassol Cyprus. The first signs of trouble could be seen last September after England premier league club Southampton revoked a sponsorship deal that it had signed with Banc De Binary only a few weeks earlier. The British football club didn’t elaborate on its reasons for backing off from the deal, but mounting pressure from local newspapers must have played at least some role.
Since its establishment, Banc De Binary has been a high profile binary options provider, even sponsoring Liverpool FC for one year. On the other hand, it was the center of few press inquiries, including a special report by Finance Magnates about the way UK tabloids were duped by a sophisticated affiliate program - Banc De Binary was one of the sites traders were being diverted to.
The firm has been under the scrutiny of many regulators recently. Last February, the provider was forced to pay $11 million to US authorities after several years of investigations regarding the illegal targeting of US customers.
As part of the settlement Banc De Binary reached with the American Commodities Futures Trading Commission (CFTC), its founder had to pay $150,000. Just a month before, in January 2016, Banc De Binary faced another blow when CySEC fined it €350,000.
Mega-quake in the binary options industry: Finance Magnates has learned Banc De Binary, one of the biggest global providers, is shutting down its operations, winding down its business and leaving the binary options industry for good.
A high level official at the CySEC-regulated binary options provider has confirmed the news, explaining that the move was taken by the firm's owners following the consistently negative press that the company faced over the past year.
“It’s become the wild west in the past few months,” the company official told Finance Magnates. “Its just not worth the tarnished reputation. I don’t see how we can continue operating under such scrutiny and public image.”
The official explained that all arrangements have been made to stop accepting new customers. “All client funds are being sent back to their original source. We're just waiting for the official announcement from the board to begin the process. They are literally about to kill a five hundred million dollar company, but even worse - the icon of the binary option industry," he concluded.
Sponsorships and inquiries
Banc De Binary was founded 2009 by Oren Laurent and at its peak employed hundreds of employees. Its headquarters are located in Israel, with an office in Limassol Cyprus. The first signs of trouble could be seen last September after England premier league club Southampton revoked a sponsorship deal that it had signed with Banc De Binary only a few weeks earlier. The British football club didn’t elaborate on its reasons for backing off from the deal, but mounting pressure from local newspapers must have played at least some role.
Since its establishment, Banc De Binary has been a high profile binary options provider, even sponsoring Liverpool FC for one year. On the other hand, it was the center of few press inquiries, including a special report by Finance Magnates about the way UK tabloids were duped by a sophisticated affiliate program - Banc De Binary was one of the sites traders were being diverted to.
The firm has been under the scrutiny of many regulators recently. Last February, the provider was forced to pay $11 million to US authorities after several years of investigations regarding the illegal targeting of US customers.
As part of the settlement Banc De Binary reached with the American Commodities Futures Trading Commission (CFTC), its founder had to pay $150,000. Just a month before, in January 2016, Banc De Binary faced another blow when CySEC fined it €350,000.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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