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Revision as of 18:24, 7 June 2014 view sourceCorporateM (talk | contribs)Extended confirmed users, File movers, Pending changes reviewers, Rollbackers40,012 edits →US regulatory issues: All original reporting using primary sources, press release, court documents, etc. Will find proper secondary sources← Previous edit Revision as of 18:25, 7 June 2014 view source CorporateM (talk | contribs)Extended confirmed users, File movers, Pending changes reviewers, Rollbackers40,012 edits →Investor advisories: Removing more press releases. BBB is crowd-sourced, more original reporting, etc.Next edit →
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A 2013 investigation by the British ''Daily Mail'' newspaper journalist ] alleged that one client had $25,000 stolen from his bank account after signing up with them.<ref name="thisismoney.co.uk"/>{{dubious}} A 2013 investigation by the British ''Daily Mail'' newspaper journalist ] alleged that one client had $25,000 stolen from his bank account after signing up with them.<ref name="thisismoney.co.uk"/>{{dubious}}

==Investor advisories==
As of October 2013, the company was rated "F" by the United States' ] because 31 complaints had been made against it, including 9 which were unanswered. The BBB report also offered the opinion that "he site essentially allows investors to gamble on the future price of something at a point in time."<ref>{{cite web
|url= http://www.bbb.org/new-york-city/Business-Reviews/investment-management/banc-de-binary-in-new-york-ny-118878
|title= BBB Business Review
|archiveurl= http://web.archive.org/web/20131017082101/http://www.bbb.org/new-york-city/Business-Reviews/investment-management/banc-de-binary-in-new-york-ny-118878
|archivedate= 2013-10-17
|quote= Factors that lowered the rating for Banc De Binary include:

31 complaints filed against business
Failure to respond to 9 complaints filed against business}}</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|archiveurl=http://web.archive.org/web/20130223030930/http://www.sec.gov/investor/oiepauselist.htm|archivedate=2013-02-23}}</ref>

In Canada, 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
|archiveurl=http://web.archive.org/web/20131017000849/http://www.osc.gov.on.ca/en/Investors_warning-list_index.htm
|archivedate=2013-10-17}}</ref>

After receiving "at least one complaint from a Québec investor who traded through Banc de Binary's platform and was unable to recover his investment", the ] (AMF) warned investors about the company. It noted that a bonus of 50% of the opening deposit is available, but customers who accept the bonus are not allowed to make withdrawals until they have made trades equal to 20 times their initial deposit. The AMF also pointed out that, due to the "all or nothing" nature of binary options, an investor who wrongly predicts market movement will lose his entire investment. Banc De Binary is not registered with the AMF. The AMF also, like the CFTC, included a more general warning about the risk of fraud in binary options trading in the same press release.<ref>{{cite web|url=http://www.lautorite.qc.ca/en/press-releases-2013-autre.html_2013_caution-banc-de-binary.html |title=Binary options – AMF Cautions About Solicitations by Banc de Binary |publisher=Lautorite.qc.ca |date= |accessdate=2013-08-17}}</ref>


==External links== ==External links==

Revision as of 18:25, 7 June 2014

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Banc De Binary
Company typePrivate
Industrybinary options
Founded2009
Key peopleOren Laurent (CEO)
Websitewww.bancdebinary.com/

Banc De Binary is an Israeli-Cypriot based enterprise specializing in binary options (also known as fixed return options) on assets including commodities, stocks, indices, and foreign exchange. The company operates an online trading website through which customers can buy or sell binary ("call" or "put") options, predicting whether the price of a certain commodity will go up or down in a specific time period. Banc de Binary customers do not execute their trades via a regulated exchange, but are 'betting' against the firm itself, and the firm only profits if the client loses. Banc de Binary is an associate of Spot Option Exchange which sets the price of the option. The price of the option is not a market price, but is set by Spot Option Exchange itself.

The company has been charged with several offences by the CTFC and SEC, and trading with US customers has been frozen following an injunction on 1 August 2013. Charges filed on 7 August in the US stated that Banc de Binary "may be criminally liable under the federal RICO statute". Banc de Binary has refused to appear in court in the US for depositions. Within the European Union, the company is regulated by the Cyprus Securities and Exchange Commission (CySEC). On 25 May 2014 CySec announced that they had fined Banc de Binary 10,000 Euros after it had 'concealed material information in its request for authorization CIF submitted to the Commission in August 2012, namely concealed the existence of close links between it and another company'.

The Wall Street Journal described it as "a website that allows people to bet on the price of gold, oil or stocks"; the Daily Mail called it a "betting firm".

History

Origins

According to Banc De Binary's founder, the company was founded on January 15, 2009.

Regulation

but clients based in other countries would receive nothing if the company collapsed.

A 2013 investigation by the British Daily Mail newspaper journalist Tony Hetherington alleged that one client had $25,000 stolen from his bank account after signing up with them.

External links

References

  1. ^ Wright, Susan. "Banc De Binary CEO Oren Laurent Opens Up on Binary Options - with Banc De Binary". Investing.com. Retrieved 2013-11-11.
  2. Cite error: The named reference cftc.gov was invoked but never defined (see the help page).
  3. Ed (August 16, 2013). "Binary Options vs. Forex Trading". The FX View. Retrieved 2014-05-20.
  4. "Binary Options - A simple way to trade or just a SCAM?". Daytradingcoach. 2013-06-05. Retrieved 2014-05-20.
  5. "xchange | Order Execution Policy". Spotoptionexchange.com. Retrieved 2014-05-20.
  6. Cite error: The named reference cftc was invoked but never defined (see the help page).
  7. "Banc de Binary Ltd. (Release No. LR-22767; August 1, 2013)". Sec.gov. Retrieved 2013-11-27.
  8. http://docs.justia.com/cases/federal/district-courts/nevada/nvdce/2:2013cv00993/94851/61/0.pdf
  9. "CySEC fines Banc de Binary €10,000 for concealing links between it and another company". LeapRate. 2014-05-26. Retrieved 2014-05-31.
  10. "Regulators Sue Prediction Site, Allege Illegal Options". Wall Street Journal. Archived from the original on 2013-11-15. Retrieved 11 June 2013.
  11. Tony Hetherington. "US watchdog takes 'bank' Banc de Binary to court...but Britain lets it in". Daily Mail. Archived from the original on 2013-11-15. Retrieved 2013-11-13.
  12. ^ Tony Hetherington. "US watchdog takes 'bank' Banc de Binary to court...but Britain lets it in". Daily Mail. Retrieved 2013-10-16.
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