Exclusive: LBinary Website Abruptly Shuts Down, Reasons Unknown

LBinary has become the latest binary options brokerage to signal operational troubles. The website of the firm has gone blank abruptly, with no explanation available on the site. The company provides to its customers binary options trading services with several online communities raising alarms as to how the firm has been handling Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term.

LBinary was in the news lately after the brokerage was mentioned as one of the targets in pending lawsuits by international law firm Giambrone Law and London-based Healys LLP. The binary options brokerage is reported to have solicited substantial deposits from a number of victims.

Alongside LBinary, the lawsuit mentioned NRGBinary, whose website has also become defunct. Neither company are regulated with any of the major financial regulators. According to cached information on the website of LBinary, the company has had several owners with Gibraltar based Chelestra Limited, as well as U.K. Registered LAS Holdings LTD.

Giambrone Law and Healys LLP are representing close to 70 clients who claim to have lost over €4.3 million. The majority of the claimants hail from the Middle East, with European clients from Germany and Italy joining the class action.

According to the lawyers who have spoken to Finance Magnates, a Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term processor named Moneynetint Ltd, which is regulated by the U.K. Financial Conduct Authority, served as a vehicle for the brokerages to receive funds from their depositors. At present there is no evidence that Moneynetint is involved with the alleged frauds.

According to the investigations conducted by Giambrone Law, both LBinary and NRG Binary share a similar ownership structure with both defendants' companies domiciled in the UK.