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Jan 17 2017

Biggest Binary Broker Banc de Binary to Close

Banc de Binary, one of the biggest binary options brokers is to close. Their financial authorization to trade binary options elapses on the 15th January 2017.

The strict regulatory constraints and bad press reports that have been tarnishing their reputation has led to their decision to gradually wind down their business. They will be sending all clients funds back after they receive official approval from their board to begin the process. Meanwhile clients are encouraged to withdraw any eligible funds that they may have in their accounts.

The increasing number of brokers entering the markets has led to the industries ‘watchdogs’ regulators enforcing stricter regulatory measures on brokers. Bad press reports about risky online options has been across the board internationally. Clients have been complaining that they have been unable to withdraw funds. The Israeli regulator is coordinating with authorities in the United States, Britain, France and Belgium in an investigation about complaints against risky online trading against Israeli businesses, of which there is reportedly over 100. In March last year, binary options companies in Israel were banned by the Securities Regulator Hauser from selling binary options.

The result has been that last year in September Banc de Binary, an Israeli company was hit with a $11 million penalty for targeting investors in the US illegally. According to an official at Banc de Binary it has become like ‘the Wild West’ with the bad press reports and cannot continue to operate under the scrutiny which has damaged their reputation and public image.

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