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Anyone who has ever been interested in trading binary options must have run into Banc De Binary. Since it was founded in , it grew to become one of the largest binary options brokers in the world. As such, Banc De Binary also has offices in Israel and another branch in Cyprus, where it is registered to operate in Europe. Banc De Binary is merely the public face of the binary options trade, but SpotOption creates the quotes with which clients trade.
This is how Banc De Binary first started experiencing troubles. The company was doing well — it had plenty of clients from all over the world, hundreds of employees and soaring revenues.
A deal with Southampton FC in September fell through late last year due to mounting bad press. According to the regulatory body, Banc De Binary had provided misleading marketing information and the company did not meet contractual obligations that should be found between client and firm. In addition, the brokerage did not fully inform clients about the risks involved in trading binary options. Their main mistake — soliciting US clients under false pretenses.
Furthermore, the CFTC had already discouraged trading of binary options, but the company had gone around these restrictions. All current clients have been advised to withdraw their money from their accounts, and after this is done, the board will make the final arrangements.
Brokerages dealing with binary options in Israel have been on the rise lately, and the Israeli financial regulators are in the process of creating legislation banning the industry.
At the moment, there is already legislation in parliament awaiting approval to this effect. The reason behind this is the increased trading of binary options worldwide with very little returns. Several lawyers from the UK have also launched accusations against such brokerages claiming their clients lost a lot of money.
This is one of the reasons the CFTC has already issued warnings against trading binary options, and now other countries are seeking to either ban or regulate the trade.
Stay up to date with the financial markets everywhere you go. Binary Industry Top Stories. Legal troubles The company was doing well — it had plenty of clients from all over the world, hundreds of employees and soaring revenues.
Comments 5 comment s Click here to cancel reply. Leave a comment Simon Lai. I just login and try to do some trading but without any success. Can someone help me out. I have the same problem. They responded to my live chat to say request withdrawal of funds. BUT I can't get into my account. G to spotoption exchange website, then click on associates Banc de Binary is one of them and you will be able to access your accounts from there.
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