Banc De Binary is shutting down!

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News – Banc De Binary Decides to Shut Down!

News – Banc De Binary Decides to Shut Down!

Banc De Binary Decides to Shut Down after a long period of having issues with regulators and authorities worldwide. That, in addition to all the thousands of complaints coming from their own clients is finally putting an end to the firm once and for all.

Banc De Binary is… or rather was one of the oldest and biggest binary options brokers in the industry which started in 2009. They were also regulated by CySec and the FCA but despite the regulations, they were not playing by the book.

CySec has already fined Banc De Binary

CySec has already fined Banc De Binary several times for various reasons such as misleading the regulator, violation of investment firm laws, solicitation of American clients, offering unapproved services, misleading advertisement, unfair bonus terms and the list goes on and on.

Each time, Banc De Binary paid their fines but continued to operate like before until they were slapped with the next fine. The biggest and probably what finally led to their demise was the 11 million dollar settlement last year in 2020 when the U.S regulator CFTC together with CySec fined BDB. This, due to their solicitation of US clients during the period which they were banned from offering their services in the US.

“Not worth the tarnished reputation”

Financemagnates.com, who were first to uncover BDB’s plans on shutting down, quoted a BDB official saying; “It’s become the wild west in the past few months,” its just not worth the tarnished reputation. I don’t see how we can continue operating under such scrutiny and public image.”
In addition, the sponsorship deal between BDB and Southapton FC got cancelled last autumn which according to Financemagnates was also a sign of issues for the brokerage.

Since there are no other sources for further confirmation of this news, we also tried to look up Banc De Binary’s traffic and found out that it has indeed dropped significantly in the past few months which also indicates that they are cutting down on their advertisements altogether.

“We Are Still Here and Working”

“We Are Still Here and Working” – claimed a Banc De Binary representative when we reached out to Banc De Binary’s. At first, we were told that it was okay to create an account and make a deposit!
Upon bringing up the rumors of the firm shutting down, the broker support said: “this is not official”.
One could wonder why Banc De Binary still allows depositors while they are in the process of closing.
Of course, we have experienced similar behaviors in the past from other brokers closing down whom also accepted depositors to the last minute before shutting down and vanishing without a trace.
Therefore, we would recommend our users not to open any accounts with BDB and if you already have, make sure to request a withdrawal as soon as possible.

Banc De Binary is shutting down!

WARNING: This broker has been shut down due to numerous complaints and security issues. We strongly recommend trading with regulated and trusted brokers.

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Banc De Binary is Shutting Down

Banc De Binary, an icon of the binary options industry and one of the most famous brokers in the world, has stopped accepting new traders! One of the biggest companies in the business will therefore shut down, which is certainly a huge shock for the trading community. The process of termination has already begun, and, as we are writing this, Banc De Binary’s clients are receiving their money back. This implies that the problem is not of financial nature. To find out why Banc De Binary is shutting down, stay with us and learn more about this incredible blow to the industry.

Banc De Binary is shutting down | Why?

For some time now, this company has been on the receiving end of some pretty negative press, especially in Israel and the United Kingdom, and accusations of Banc De Binary scam affected its performance and business capability quite significantly. Due to this, Banc De Binary’s reputation suffered, and the broker’s owners have now decided that they will not take it anymore. To put it simply, the situation has become unbearable. Although the official announcement has yet to see the light of day, the fact that the broker has renounced its CySEC license pretty much confirms that Banc De Binary is shutting down, with the company looking to leave without any further complications. If you’re looking for an alternative, we recommend reading our 24option Review and signing up with them. Another reputable broker in this field, they have the same minimum deposit requirement, an excellent platform and extremely capable staff, so they should be more than ready to offer an equally good service.

Banc De Binary is shutting down | Legacy

This behemoth of the binary options industry was founded back in 2009, and its value is now estimated at approximately half a billion dollars. Headquartered in Israel, but with an office in Cyprus, the company was always regarded as one of the industry’s elite. A huge number of traders and a sponsorship deal with Liverpool FC only strengthened that image. However, problems began to emerge at the beginning of 2020 when Banc De Binary EU operations earned the broker a 350,000€ fine from CySEC . One month later, a much bigger blow came from the US financial authorities, namely the CFTC, when Banc De Binary had to pay a whopping 11 million dollars due to illegal targeting of American traders. After that, it seems everything went downhill for the company and today, one year later, Banc De Binary is shutting down for good.

Banc De Binary is shutting down | Conclusion

One of the most famous binary options brokers is closing its doors, and the industry is about to lose one of its strongest brands. Fortunately, it seems the whole process is carefully planned so that no trader suffers any unexpected losses. The main reason for this move is increased media pressure, which has become too much for the owners to handle, but we suspect that a bad 2020 had a role to play in the decision, too. Since the situation is not likely to improve any time soon, Banc De Binary is shutting down. It will be interesting to see which company takes its place on the market.

Breaking: What to expect after Banc de Binary shut down?

Will Banc de Binary shut down its operations? Industry media reports claim that one of the biggest binary options brokerages is closing down the doors. Has the news been confirmed by the broker?

10 January, AtoZForex – Banc de Binary, the leading binary options trading provider, as the firm calls itself, is reportedly shutting down its operations. According to media reports, one of the largest global providers is leaving the Binary Options industry. Is it true what the online sources have reported?

Will Banc de Binary shut down?

Online reports claim that a high-level official at the Banc de Binary confirmed the news. The person has explained that such decision was taken by the owners of the firm. Company’s authorities decided on shutting down the operations due to the amount of negative press around the company, according to reports. Moreover, the official from Banc de Binary stated:

“It’s become the wild west in the past few months. It is just not worth the tarnished reputation. I don’t see how we can continue operating under such scrutiny and public image.”

Moreover, reports say that the broker official from the firm stated that all preparations to stop accepting new clients took place. As the media reports claim, the broker official also commented:

“All client funds are being sent back to their original source. We’re just waiting for the official announcement from the board to begin the process. They are literally about to kill a five hundred million dollar company, but even worse – the icon of the binary options industry.”

AtoZForex side of the story

Following the media reports about the finish of Banc de Binary operations, I have reached out to the broker multiple times. When asked to transfer my call to someone from Marketing/PR/Compliance departments, the operators refused to connect me with the departments.

Also, the operators could not confirm any of the reported news. Instead, they informed me that “very soon” more information about the alleged shut down will be announced on the website of Banc de Binary. We will update you as soon as we will be able to get any official information from the company.

Giambrone prepares a litigation against Banc de Binary

Earlier in March 2020, US authorities ordered Banc de Binary Ltd., ET Binary Options Ltd., BO Systems Ltd., BDB Services Ltd. and its owner Oren Shabat Laurent to compensate $9 million to the US-based.

Now, at the start of the new year, it is likely that Banc de Binary faces new lawsuit. Giambrone, the law firm with the main office in London, is preparing a class action against Banc de Binary.

Stay tuned, we will update you on the matter as soon as we get the official information from Banc de Binary!

Think we missed something? Let us know in the comments section below.

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