FinanceMagnates Reports: Banc de Binary to Close Down
It seems that if the news is true, Banc de Binary will be closing down soon, this is a big shock to the binary options community as Banc de Binary is the biggest broker in the world. According to FinanceMagnates “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.”
In 2016 (January and February) Banc de Binary was heavily fined by the CFTC and CySEC for unregulated trading and breaches of compliance. On the 19th of October 2016 the IFSC also revoked Banc de Binary’s Belize license.
Banc de Binary – History With Regulator Fines and Licensing
- IFSC (International Financial Services Commission Belize) Revokes Banc de Binary License
- Banc de Binary Seeking ASIC Regulation After Multiple Warnings and Australian Watchdog Crackdowns
- Québec Financial Regulator Adds Banc de Binary to Warning List
- US – SEC (Securities and Exchange Commission) Warns Against Banc de Binary
- CSA (Canadian Securities Administrator) Warns Against Banc de Binary
What Will Happen if They Really Shut Down?
If Banc de Binary shuts down, hundreds if not thousands of people employed by one of the biggest global providers in the binary options industry will be out of the job. It will create a large void in the binary options industry and hopefully the void will be filled by regulated and trustworthy brokers and not by unregulated bucket shops. We are hoping that Banc de Binary will NOT shut down and will be able to find a way out of their negative press issues without having to shut down.