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  • Binary options broker Banc de Binary renounces CySEC license to go unregulated


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    The Cyprus Securities and Exchange Commission (CySEC) announced that the binary options broker and Cyprus investment firm Banc De Binary Ltd (BDB) has just renounced its authorization.

    As stated in the renouncement letter of the Company, its authorization with Number 188/13 lapses as from January 15, 2017.

    It is noted that Banc De Binary Ltd remains under the supervision of the CySEC until it settles its obligations arising from the investment services or/and activities that will lapse.

    This isn’t the first recent run-in Banc de Binary has had with regulators. Or, the only negative PR surrounding the company.

    In October, Banc de Binary’s license was revoked by Belize regulator IFSC.

    In September, English Premier League football club Southampton FC backed out of the company’s sponsorship, signed just a few days prior, following negative press in the UK.

    Banc de Binary also received a fairly hefty CySEC fine a year ago. Last February, they paid another $11 million penalty in the US for doing business illegally with US clients.

    LeapRate believes that rumors of Banc De Binary shutting down are incorrect and premature. Rather, they are scaling down and are going to operate as an unregulated broker, focusing mainly on Far East markets.

    Related News

    • Things aren’t looking very good for Banc De Binary lately.

    • “…LeapRate believes that rumors of Banc De Binary shutting down are incorrect and premature….Rather, they are scaling down and are going to operate as an unregulated broker….”

      Seriously? Are you actually defending the consistent, deceptive tactics of BdB or any off exchange binary broker for that matter? Did you say something similar about IronFx?

      Let’s just assume for a minute that what you wrote was indeed 100% fact. Is that supposed to make those who have [or dare I say ‘are currently considering’] depositing funds with this bucket shop?

    • Vlad

      I think you have things backwards @AwarenessForex:disqus . LeapRate is the one saying not to believe what Banc De Binary is selling. BDB is saying “we’re shutting down”, and they’ve used some other sites like Magnates to get that message across to the market. What LeapRate is saying, if I am reading correctly between the lines here, is not to take that at face value. LeapRate is saying that BDB is just retreating from being a regulated broker to get their name out of the headlines and away from regulators but that they are likely to keep doing business as an unregulated broker with clients where you don’t really need a licence to operate.

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    Binary options broker Banc de Binary renounces CySEC license to go unregulated

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