AMF Urging Client Reconciliation with Banc de Binary Following Closure

France’s Autorité des marchés financiers (AMF) has issued an advisory note to clients utilizing the European division of Banc de Binary. The French financial regulator is urging customers to contact Banc de Binary following the renunciation of the group’s authorization by the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) as per the request of the brokerage.

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Earlier this month Banc De Binary announced that it is closing down its operations, which came on heels of the increased scrutiny by various media outlets on the brokerage. After operating for a number of years as a Cyprus Investment Firm (CIF), Banc de Binary had begun the process of looking for an orderly exit from the industry.

Banc de Binary’s authorization as a CIF was formally suspended back on January 15, 2017, though CySEC decreed that the group is required to honor its obligations during a period of three months from this date – as such, Banc de Binary Ltd remains under CySEC supervision during this period.

In light of the recent changes, the AMF is now recommending that all of the group’s investors and account holders contact Banc de Binary Ltd via a registered letter, with an additional copy of this letter to CySEC, requesting immediate account closure and reimbursements.

Binary options have been at the forefront of the AMF's regulatory crusade against retail financial services, with the French watchdog substantially limiting access for retail investors.

Regulatory changes in France include a limit on advertisement of products that do not meet a multitude of complex regulatory requirements. The French AMF has mandated brokers to introduce guaranteed stop loss orders and to limit the ability of clients to move their stop losses further from the initially set price level.

The AMF has provided the requisite details for this correspondence which can be viewed below:

Cyprus Securities and Exchange Commission (CySEC)

27 Diagorou Str.

1097 Nicosia, Chypre

Postal Address:

P.O BOX 24996

1306 Nicosia, Chypre

Banc de Binary

4, Profiti Ilia Street Internationak Business Centre

Office 401 Germasogeia CY

4046, Limassol, Cyprus