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Revision as of 21:43, 9 August 2013 view source99.187.238.239 (talk) Banc has no BBB rating← Previous edit Revision as of 21:50, 9 August 2013 view source Rybec (talk | contribs)15,982 edits Undid revision 567871551 by 99.187.238.239 (talk) rv removal of sourced materialNext edit →
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==US regulatory troubles== ==US regulatory troubles==
On 5 June 2013, Banc de Binary was charged by the CTFC and SEC with violations of U.S. financial regulations.<ref>{{cite web|url=http://forexmagnates.com/banc-de-binary-gets-charged-by-the-cftc-investor-warning-also-issued-across-the-us/ |title=Banc De Binary Gets Charged by the CFTC - Investor Warning Also Issued Across The US |publisher=Forex Magnates |date= |accessdate=2013-07-20}}</ref><ref>{{cite web|author=About Author Ed |url=http://thefxview.com/2013/06/07/ctfc-files-civil-suit-against-banc-de-binary/ |title=CTFC files civil suit against Banc de Binary |publisher=The FX View |date= |accessdate=2013-07-20}}</ref> The CTFC and SEC, working in conjunction, filed civil suits seeking disgorgement, financial penalties and other preliminary and permanent injunctions.<ref>{{cite press release|url=http://www.sec.gov/news/press/2013/2013-103.htm |title= SEC Warns Investors About Binary Options and Charges Cyprus-Based Company with Selling Them Illegally in U.S.|date= June 6, 2013 |publisher= Securities and Exchange Commission |accessdate=2013-07-20}}</ref><ref>{{cite press release|url=http://www.cftc.gov/PressRoom/PressReleases/pr6602-13 |title=CFTC Charges “Prediction Market” Proprietor Banc de Binary with Violating the CFTC’s Off-Exchange Options Trading Ban and Operating as an Unregistered Futures Commission Merchant |publisher=U.S. Commodity Futures Trading Commission |date= June 6, 2013 |accessdate=2013-07-20}}</ref> In civil lawsuits filed in Nevada, the SEC and CTFC allege that Banc de Binary were offering off-exchange traded options to US customers and unlawfully solicited US customers to buy and sell options. The CTFC and SEC's suit also alleges that Banc de Binary did not limit its offerings to eligible contract participants, contrary to U.S. regulation.<ref>{{cite web|url=http://www.sec.gov/litigation/complaints/2013/comp-pr2013-103.pdf |title=Case 2:13-cv-00993 Complaint: Securities and Exchange Commission vs. Banc De Binary Ltd. |publisher= |date=Filed 06/05/13 |accessdate=2013-07-20}}</ref> On 5 June 2013, Banc de Binary was charged by both the CTFC and SEC with violations of U.S. financial regulations.<ref>{{cite web|url=http://forexmagnates.com/banc-de-binary-gets-charged-by-the-cftc-investor-warning-also-issued-across-the-us/ |title=Banc De Binary Gets Charged by the CFTC - Investor Warning Also Issued Across The US |publisher=Forex Magnates |date= |accessdate=2013-07-20}}</ref><ref>{{cite web|author=About Author Ed |url=http://thefxview.com/2013/06/07/ctfc-files-civil-suit-against-banc-de-binary/ |title=CTFC files civil suit against Banc de Binary |publisher=The FX View |date= |accessdate=2013-07-20}}</ref> The CTFC and SEC, working in conjunction, filed civil suits seeking disgorgement, financial penalties and other preliminary and permanent injunctions.<ref>{{cite press release|url=http://www.sec.gov/news/press/2013/2013-103.htm |title= SEC Warns Investors About Binary Options and Charges Cyprus-Based Company with Selling Them Illegally in U.S.|date= June 6, 2013 |publisher= Securities and Exchange Commission |accessdate=2013-07-20}}</ref><ref>{{cite press release|url=http://www.cftc.gov/PressRoom/PressReleases/pr6602-13 |title=CFTC Charges “Prediction Market” Proprietor Banc de Binary with Violating the CFTC’s Off-Exchange Options Trading Ban and Operating as an Unregistered Futures Commission Merchant |publisher=U.S. Commodity Futures Trading Commission |date= June 6, 2013 |accessdate=2013-07-20}}</ref> In civil lawsuits filed in Nevada, the SEC and CTFC allege that Banc de Binary were offering off-exchange traded options to US customers and unlawfully solicited US customers to buy and sell options. The CTFC and SEC's suit also alleges that Banc de Binary did not limit its offerings to eligible contract participants, contrary to U.S. regulation.<ref>{{cite web|url=http://www.sec.gov/litigation/complaints/2013/comp-pr2013-103.pdf |title=Case 2:13-cv-00993 Complaint: Securities and Exchange Commission vs. Banc De Binary Ltd. |publisher= |date=Filed 06/05/13 |accessdate=2013-07-20}}</ref>


==Investor advisories== ==Investor advisories==
*Banc de Binary is not accredited with the ], where it is rated "F" for failure to respond to customer complaints. It has a BBB file that was opened in 2010.<ref>{{cite web|title=Banc De Binary review|url=http://www.bbb.org/new-york-city/business-reviews/investment-management/banc-de-binary-in-new-york-ny-118878/|publisher=Better Business Bureau|accessdate=15 October 2012}}</ref>
*It appears on the ]'s "List of Unregistered Soliciting Entities That Have Been the Subject of Investor Complaints".<ref>{{cite web|title=Public Alert: Unregistered Soliciting Entities|url=http://www.sec.gov/investor/oiepauselist.htm|publisher=Securities and Exchange Commission|accessdate=15 October 2012}}</ref> *It appears on the ]'s "List of Unregistered Soliciting Entities That Have Been the Subject of Investor Complaints".<ref>{{cite web|title=Public Alert: Unregistered Soliciting Entities|url=http://www.sec.gov/investor/oiepauselist.htm|publisher=Securities and Exchange Commission|accessdate=15 October 2012}}</ref>
*It is listed on the ]'s ''Investors Warning List'' of "companies that appear to be engaging in activities that may pose a risk to investors".<ref>{{cite web|title=Investors Warning List|url=http://www.osc.gov.on.ca/en/Investors_warning-list_index.htm#v|publisher=Ontario Securities Commission|accessdate=13 January 2013}}</ref> *It is listed on the ]'s ''Investors Warning List'' of "companies that appear to be engaging in activities that may pose a risk to investors".<ref>{{cite web|title=Investors Warning List|url=http://www.osc.gov.on.ca/en/Investors_warning-list_index.htm#v|publisher=Ontario Securities Commission|accessdate=13 January 2013}}</ref>

Revision as of 21:50, 9 August 2013

Banc De Binary
Company typePrivate
IndustryFinancial Services
Founded2009
Key peopleOren Laurent
Websitewww.bancdebinary.com/

Banc De Binary is a private option banker regulated by the Cyprus Securities Exchange Commission.

History

The company says that it does not accept clients from the United States, however two U.S. government agencies claim that the company violated U.S. law by doing business with U.S. residents.

Services

"Regulators sued Banc de Binary, a website that allows people to bet on the price of gold, oil or stocks, continuing a crackdown on offshore trading platforms that operate online," according to the Wall Street Journal.

US regulatory troubles

On 5 June 2013, Banc de Binary was charged by both the CTFC and SEC with violations of U.S. financial regulations. The CTFC and SEC, working in conjunction, filed civil suits seeking disgorgement, financial penalties and other preliminary and permanent injunctions. In civil lawsuits filed in Nevada, the SEC and CTFC allege that Banc de Binary were offering off-exchange traded options to US customers and unlawfully solicited US customers to buy and sell options. The CTFC and SEC's suit also alleges that Banc de Binary did not limit its offerings to eligible contract participants, contrary to U.S. regulation.

Investor advisories

  • Banc de Binary is not accredited with the Better Business Bureau, where it is rated "F" for failure to respond to customer complaints. It has a BBB file that was opened in 2010.
  • It appears on the Securities and Exchange Commission's "List of Unregistered Soliciting Entities That Have Been the Subject of Investor Complaints".
  • It is listed on the Ontario Securities Commission's Investors Warning List of "companies that appear to be engaging in activities that may pose a risk to investors".

External links

References

  1. Myer, Gregory. "Uncertain future for Intrade's markets". Retrieved 2 May 2013.
  2. "Regulators Sue Prediction Site, Allege Illegal Options". Wall Street Journal. Retrieved 11 June 2013.
  3. "Banc De Binary Gets Charged by the CFTC - Investor Warning Also Issued Across The US". Forex Magnates. Retrieved 2013-07-20.
  4. About Author Ed. "CTFC files civil suit against Banc de Binary". The FX View. Retrieved 2013-07-20. {{cite web}}: |author= has generic name (help)
  5. "SEC Warns Investors About Binary Options and Charges Cyprus-Based Company with Selling Them Illegally in U.S." (Press release). Securities and Exchange Commission. June 6, 2013. Retrieved 2013-07-20.
  6. "CFTC Charges "Prediction Market" Proprietor Banc de Binary with Violating the CFTC's Off-Exchange Options Trading Ban and Operating as an Unregistered Futures Commission Merchant" (Press release). U.S. Commodity Futures Trading Commission. June 6, 2013. Retrieved 2013-07-20.
  7. "Case 2:13-cv-00993 Complaint: Securities and Exchange Commission vs. Banc De Binary Ltd" (PDF). Filed 06/05/13. Retrieved 2013-07-20. {{cite web}}: Check date values in: |date= (help)
  8. "Banc De Binary review". Better Business Bureau. Retrieved 15 October 2012.
  9. "Public Alert: Unregistered Soliciting Entities". Securities and Exchange Commission. Retrieved 15 October 2012.
  10. "Investors Warning List". Ontario Securities Commission. Retrieved 13 January 2013.
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