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| Company type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 2009 |
| Key people | Oren Laurent |
| Number of employees | 250 |
| Website | www.bancdebinary.com/ |
Banc De Binary is a private option banker regulated by the Cyprus Securities Exchange Commission. It is the first binary options broker in the European Union.
History
After graduating from NYU with a degree in economics and spending years working at NAF Hedge Funds and Infinity Private Investment Funds, Oren Laurent founded Banc de Binary on January 15, 2009 following the SEC’s decision to approve the listing of binary options. Laurent stated, “Banc de Binary started as a direct result of the 2008 financial crisis,” with the aim of creating an accessible way for financially inexperienced people to participate in the market. Laurent also established SpotOption, the number one platform provider for trading binary options online. Banc de Binary works with hundreds of thousands of clients worldwide, operating in over 80 countries. The company does not accept clients from the US, however in January 2013, the company released a statement announcing its intention to work with the CFTC to become a regulated binary options exchange in the US.
Services
Banc de Binary offers assistance with and facilitates the use of binary options. Binary options offer a payoff where either the investor receives a fixed amount of some asset or nothing at all based on correctly predicting value increases and decreases in the market. There are two kinds of binary options, cash-or-nothing and asset-or-nothing options. While there are no statistics on the success rate of binary options, Banc de Binary claims its clients receive an average payout of 81 percent on investment.
US Regulatory Troubles
On the 6th June 2013, Banc de Binary was charged by both the CTFC and SEC for alleged violations of US Financial Regulation. Both the CTFC and SEC working in conjunction with one another filed civil suits against the company, seeking disgorgement, plus financial penalties as well other preliminary and permanent injunctions against Banc De Binary. In civil suites 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 use regulation.
Awards
- World Finance 100
- 2012 World Finance Best Binary Options Platform in North America
- Moat & Bailey Most Secure Binary Broker
- 2011 Best Customer Service
- Binary Options Daily Broker of the Year—Niko Galis
- Binary Options Daily Platform of the Year
External links
- Official Site
- SEC Press Release about charges filed against Banc de Binary
- SEC Litigation Release
- 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
- PDF full text of legal complaint Commodity Futures Trading Commission v Banc De Binary Ltd. a/k/a E.T. Binary Options Ltd.
References
- Myer, Gregory. "Uncertain future for Intrade's markets". Retrieved 2 May 2013.
- Finberg, Ron. "Banc De Binary In Talks With CFTC About US Regulation". Forex Magnates. Retrieved 2 May 2013.
- "Blanc De Binary". CrunchBase. Retrieved 2 May 2013.
- "Banc de Binary Review". Fair Binary Options. Retrieved 2 May 2013.
- ^ "Banc De Binary is first binary options broker in EU". Financial Mirror. Retrieved 2 May 2013. Cite error: The named reference "FM" was defined multiple times with different content (see the help page).
- "Banc De Binary Review". Daily Forex. Retrieved 2 May 2013.
- Dumon, Mary. "Trading on Mobile Becoming a Reality". Technorati. Retrieved 2 May 2013.
- Dumon, Mary. "Involuntary Investing: Cyprus Deposits Turned Into Equity". Business2community.com. Retrieved 2 May 2013.
- Bergman, Frank. "Banc De Binary: Unique Investment Opportunity". Vatalyst. Retrieved 2 May 2013.
- "Brokers Embrace Mobile Trading". Techsling. Retrieved 2 May 2013.
- "Get to Know a Broker: Banc de Binary". Forex News Now. Retrieved 11 June 2013.
- ^ "Banc De Binary CEO Oren Laurent Opens Up on Binary Options". Investment Underground. Retrieved 11 June 2013.
- ^ "European Binary Investment Company Banc De Binary Flourishes". California Business Journal. Retrieved 11 June 2013.
- ^ "Banc De Binary: Unique Investment Opportunity". Vatalyst. Retrieved 11 June 2013.
- "Regulators Sue Prediction Site, Allege Illegal Options". Wall Street Journal. Retrieved 11 June 2013.
- {{[cite web|url=http://thefxview.com/2013/06/07/ctfc-files-civil-suit-against-banc-de-binary/%7Ctitle = CTFC files civil suit against Banc de Binary| publisher = The Fx View | accessdate = 19 June 2013}}
- ^ {[cite web|url=http://www.sec.gov/news/press/2013/2013-103.htm%7Ctitle = SEC Warns Investors About Binary Options and Charges Cyprus-Based Company with Selling Them Illegally in U.S. | publisher=Securities Exchange Comission | accessdate = 19 June 2013} Cite error: The named reference "SEC" was defined multiple times with different content (see the help page).
- {[cite web|url=http://www.cftc.gov/PressRoom/PressReleases/pr6602-13%7Ctitle = 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 | accessdate = 19 June 2013}
- ^ "Banc de Binary awards". Banc de Binary. Retrieved 11 June 2013.