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story by: Kristina Frunze
Breaking: Banc de Binary renounces CySEC license
12/01/2017
Breaking: Banc de Binary renounces CySEC license

Banc de Binary renounces CySEC license! The Cypriot regulator reports that the binary options firm has given up its CIF authorisation.

12 January, AtoZForex Following the latest news about Banc de Binary closing its operations, AtoZForex reports that the brokerage company has renounced its CySEC license.

Banc de Binary renounces CySEC license

Yesterday, the Cyprus Securities and Exchange Commission (CySEC) informed public that the Binary Options broker and Cyprus Investment Firm (CIF) Banc de Binary Ltd (BDB) has renounced its license. The Official announcement from the Cypriot watchdog states:

“As stated in the renouncement letter of the Company, which provided investment services via the domain eu.bancdebinary.com, its authorization with Νumber 188/13 lapses as from 15th of January 2017.”

It appears that one of the biggest brokerage firms has renounced its authorization in the 9th of January, regulator reports. Moreover, CySEC highlights that the Banc de Binary will still remain under its supervision until the firm settles its obligations. These include the obligations that arise from the investment services or/and activities that will lapse, according to CySEC.

Following the news, I have reached out to Banc de Binary. However, I was not given the chance to talk to any of the marketing/press or PR representatives. Banc de Binary operator told me they are not able to comment on any of the matters currently. The official CySEC announcement about Banc de Binary authorization renouncement can be read below.

Banc de Binary previous record

On 18th of October, 2016, the International Financial Services Commission of Belize (IFSC) has published a warning notice on BDB Services (Belize) Limited. The Warning Notice implies the termination of the broker’s IFSC license. Moreover, in September 2016, Banc de Binary saw its sponsorship being declined by the English Premier League football club Southampton FC.

Additionally, the broker got fined by the key regulators last year. The US Securities and Exchange Commission and the CySEC have charged the firm in 2016. Also, one of the latest news about Banc de Binary involved a case with a single mother losing £12.5k with the broker. Another case around the BDB came as the Giambrone, the law firm with the main office in London, is preparing a class action against Banc de Binary.

Finally, on 10th of January, AtoZForex received the news about Banc de Binary closing its doors. Banc de Binary, the leading binary options trading provider, as the firm calls itself, was reportedly shutting down its operations. Moreover, according to media reports, one of the largest global providers was leaving the Binary Options industry.

I have reached out to the firm; yet, 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.

Stay tuned!

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