Banc de Binary is Closing Down Due to Regulatory Pressures in Isreal

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Banc de Binary is Closing Down Due to Regulatory Pressures in Isreal

By Adam Teen | Thursday, January 12th, 2020

One of the biggest and popular binary option brokers, the Isreal based Banc de Binary has announced today that it is gradually closing down its operation.

There has recently been a lot of negative press coverage about binary option brokers operating in Isreal. Some have deemed the country a wild west for financial service providers. This and other issues have caused the Isreali government to clamp down on brokers operating in regions under their control. Although Banc de Binary is registered in Cyprus it’s operations were conducted in Israel.

To address this issue, Isreal’s securities regulators began to work very closely with their counterparts in the USA and Europe to investigate leaks and complaints made against brokers operating in Isreal.

Banc de Binary has claimed regulatory pressures as the main cause of winding down. As stated by the broker’s official spokesman, Banc de Binary will now be gradually closing down its operations and all clients are advised to withdraw money from their trading accounts.

This shouldn’t be a huge surprise to those who followed this broker’s track record. Last year Banc De Binary had to pay $11 million in penalties to the United States government last year because they have allowed American investors to sign up and trade. It was claimed they have done it illegally and they had to pay restitution fees.

There are many Isreali firms supporting the binary options industry. It’s a multi-billion industry in Isreal. In addition to binary brokers there are also many binary platform development firms, data centers and call centers and although it is currently illegal to offer binary options services in Isreal there is no law against selling them abroad.

However, this can soon change as the Isreali regulators are looking at ways to ban companies from selling binary options abroad as well. If this gets approved by the government we might see more closures of binary brokers on the way.

If you traded with Banc de Binary please share your experience below.

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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.

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