Misplaced Pages

Banc De Binary: Difference between revisions

Article snapshot taken from Wikipedia with creative commons attribution-sharealike license. Give it a read and then ask your questions in the chat. We can research this topic together.
Browse history interactively← Previous editNext edit →Content deleted Content addedVisualWikitext
Revision as of 22:52, 30 March 2014 view sourceMeters (talk | contribs)Extended confirmed users, New page reviewers, Pending changes reviewers, Rollbackers172,102 edits Undid most of revision 602024168 by Notsosoros (talk) OK, so remove NADEX← Previous edit Revision as of 18:33, 1 April 2014 view source Nadexman (talk | contribs)19 editsm InfoboxNext edit →
Line 1: Line 1:
{{pp-semi-sock|expiry=18 October 2014|small=yes}}
{{Infobox company {{Infobox company
| name = Banc De Binary | name = Banc De Binary
| logo = File:Banc de Binary logo.gif | logo = File:Banc de Binary logo.gif
| caption = | caption =
| type = Private | type = Private
| foundation = 2009 | foundation = 2009
| location = | location =
| key_people = Oren Laurent, Company Founder; <ref>http://www.europeanceo.com/business-and-management/2013/01/the-next-generation-of-financier/</ref> <ref name=cftc>{{cite web|url=http://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfbanccomplaint060513.pdf|title=U.S. Commodity Futures Trading Commission v. Banc de Binary Ltd. (a/k/a E.T. Binary Options Ltd.), Complaint for Injunctive and Other Equitable Relief and for Civil Monetary Penalties Under the Commodity Exchange Act and Commission Regulations|quote=Banc de Binary's chief executive officer, Oren Laurent, resides in Israel and is the registrant for the website www.bbinary.com.}}</ref> Soteris Flourentzou, Director;<ref>{{cite web|url=http://www.companydirectorcheck.com/soteris-flourentzou |title=Soteris Flourentzou profile &#124; free company director check |publisher=Companydirectorcheck.com |date= |accessdate=2013-11-11}}</ref> Pieris Hadjipieris, Director;<ref>{{cite web|url=http://www.companydirectorcheck.com/pieris-hadjipieris |title=Pieris Hadjipieris profile &#124; free company director check |publisher=Companydirectorcheck.com |date= |accessdate=2013-11-11}}</ref> Sarah Fenwick, Director of Communications;<ref>{{cite web|url=http://www.financialmirror.com/news-details.php?nid=31168|title=Banc De Binary tops 200,000 new client accounts|date=2013-10-08|quote=The communications team for Cyprus is led by Sarah Fenwick who is the company's Director of Communications.}}</ref> Roy Ogen, General Manager of the Cyprus Headquarters <ref>http://www.goldnews.com.cy/en/financial-services/banc-de-binary--changing-the-face-of-online-trading</ref>
| key_people = Oren Shabat Cohen,<ref>{{cite web|title=
| industry = ]
BancDebinaRy.com Whois Record|url=http://whois.domaintools.com/bancdebinary.com|archiveurl=http://archive.is/B9p6X|archivedate=2013-10-29|quote="Registrant Name: Oren Shabat Cohen"}}</ref>{{Primary source-inline|date=October 2013|BLP=yes}} also known as Oren Shabat<ref>{{cite web|url=http://www.companydirectorcheck.com/oren-shabat |title=Oren Shabat profile &#124; free company director check |publisher=Companydirectorcheck.com |date= |accessdate=2013-11-11|archiveurl=http://www.webcitation.org/query?url=http%3A%2F%2Fwww.companydirectorcheck.com%2Foren-shabat&date=2013-11-15|archivedate=2013-11-15}}</ref><ref>{{cite web|author= |url=https://www.guru.com/pro/ProjectDetail.aspx?ProjectId=629877&PID=466f5774253242686541&from=search&SortSQ=EarningsDESC |title=Banc De Binary Iphone Application/Blog &#124; Job on Guru |publisher=Guru.com |date=2010-07-15 |accessdate=2013-11-13|archiveurl=http://www.webcitation.org/query?url=https%3A%2F%2Fwww.guru.com%2Fpro%2FProjectDetail.aspx%3FProjectId%3D629877%26PID%3D466f5774253242686541%26from%3Dsearch%26SortSQ%3DEarningsDESC&date=2013-11-15|archivedate=2013-11-15}}</ref> and Oren Laurent,<ref name=cftc>{{cite web|url=http://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfbanccomplaint060513.pdf|title=U.S. Commodity Futures Trading Commission v. Banc de Binary Ltd. (a/k/a E.T. Binary Options Ltd.), Complaint for Injunctive and Other Equitable Relief and for Civil Monetary Penalties Under the Commodity Exchange Act and Commission Regulations|quote=Banc de Binary's chief executive officer, Oren Shabat Cohen (a/k/a Oren Laurent), resides in Israel and is the registrant for the website www.bbinary.com.}}</ref> CEO and Director; Soteris Flourentzou, Director;<ref>{{cite web|url=http://www.companydirectorcheck.com/soteris-flourentzou |title=Soteris Flourentzou profile &#124; free company director check |publisher=Companydirectorcheck.com |date= |accessdate=2013-11-11}}</ref> Pieris Hadjipieris, Director;<ref>{{cite web|url=http://www.companydirectorcheck.com/pieris-hadjipieris |title=Pieris Hadjipieris profile &#124; free company director check |publisher=Companydirectorcheck.com |date= |accessdate=2013-11-11}}</ref> Uri Katz, Director;<ref>{{cite web|url=http://www.companydirectorcheck.com/uri-katz |title=Uri Katz profile &#124; free company director check |publisher=Companydirectorcheck.com |date= |accessdate=2013-11-11}}</ref> Yehezkel Shabat, Director;<ref>{{cite web|url=http://www.companydirectorcheck.com/yehezkel-shabat |title=Yehezkel Shabat profile &#124; free company ≠director check |publisher=Companydirectorcheck.com |date= |accessdate=2013-11-11}}</ref><br> Abraham 'Abe' Cofnas, Head Analyst;<ref>{{cite web|url=http://www.europeanceo.com/business-and-management/2013/01/the-next-generation-of-financier/ |title=The next generation of financier |publisher=European CEO |date=2013-01-27 |accessdate=2013-11-11}}</ref><ref>{{cite web|last=Cofnas |first=Abe |url=http://www.futuresmag.com/author/abe-cofnas |title=Abe Cofnas |publisher=] |date= |accessdate=2013-11-11}}</ref> Sarah Fenwick, Director of Communications;<ref>{{cite web|url=http://www.financialmirror.com/news-details.php?nid=31168|title=Banc De Binary tops 200,000 new client accounts|date=2013-10-08|quote=The communications team for Cyprus is led by Sarah Fenwick who is the company's Director of Communications.}}</ref> Roy Ogen, General Manager of the Cyprus Headquarters <ref>http://www.goldnews.com.cy/en/financial-services/banc-de-binary--changing-the-face-of-online-trading</ref>
| industry = ]
| homepage = | homepage =
}} }}
'''Banc De Binary''', formerly known as '''BO Systems Limited''' and also known as '''BDB Services Limited''' and '''ET Binary Options Ltd.''',<ref name=cftc>{{cite web|url=http://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfbanccomplaint060513.pdf|title=U.S. COMMODITY FUTURES TRADING COMMISSION v. BANC DE BINARY LTD. (A/K/A E.T. BINARY OPTIONS LTD.), COMPLAINT FOR INJUNCTIVE AND OTHER EQUITABLE RELIEF AND FOR CIVIL MONETARY PENALTIES UNDER THE COMMODITY EXCHANGE ACT AND COMMISSION REGULATIONS|quote=Banc de Binary's chief executive officer, Oren Shabat Cohen (a/k/a Oren Laurent), resides in Israel and is the registrant for the website www.bbinary.com.}}</ref> is an Israeli-Cypriot based enterprise specializing in ] (also known as fixed return options) on assets including ], ], ], and ]. 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.<ref name = "cftc.gov" /> 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.<ref>http://thefxview.com/2013/08/16/binary-options-vs-forex-trading/</ref><ref>http://www.daytradingcoach.com/binary-options.html</ref> 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.<ref>{{cite web|url=http://www.sec.gov/litigation/litreleases/2013/lr22767.htm |title=Banc de Binary Ltd. (Release No. LR-22767; August 1, 2013) |publisher=Sec.gov |date= |accessdate=2013-11-27}}</ref> Charges filed on 7 August in the US stated that Banc de Binary and Oren Shabat Cohen "may be criminally liable under the federal RICO statute". Oren Shabat Cohen and Banc de Binary have refused to appear in court in the US for depositions.<ref name="justia">http://docs.justia.com/cases/federal/district-courts/nevada/nvdce/2:2013cv00993/94851/61/0.pdf</ref> Within the European Union, the company is regulated by the ] (CySEC); elsewhere it does business through BDB Trading, a separately incorporated company. '''Banc De Binary''', formerly known as BO Systems Limited and also known as BDB Services Limited and ET Binary Options Ltd.,<ref name=cftc>{{cite web|url=http://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfbanccomplaint060513.pdf|title=U.S. COMMODITY FUTURES TRADING COMMISSION v. BANC DE BINARY LTD. (A/K/A E.T. BINARY OPTIONS LTD.), COMPLAINT FOR INJUNCTIVE AND OTHER EQUITABLE RELIEF AND FOR CIVIL MONETARY PENALTIES UNDER THE COMMODITY EXCHANGE ACT AND COMMISSION REGULATIONS|quote=Banc de Binary's chief executive officer, Oren Shabat Cohen (a/k/a Oren Laurent), resides in Israel and is the registrant for the website www.bbinary.com.}}</ref> is an Cypriot based enterprise specializing in ] (also known as fixed return options) on assets including ], ], ], and ]. 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.


In ], a '''binary option''' is a type of ] where the payoff is either some fixed amount of some ] or nothing at all. The two main types of binary options are the cash-or-nothing binary option and the asset-or-nothing binary option. The cash-or-nothing binary option pays some fixed amount of cash if the option expires in-the-money while the asset-or-nothing pays the value of the underlying security. Thus, the options are binary in nature because there are only two possible outcomes. They are also called '''all-or-nothing options''', '''digital options''' (more common in forex/interest rate markets), and '''fixed return options''' ('''FROs''') (on the ]).<ref> Investopedia. Retrieved 2013-06-30. </ref> Binary options are usually ] options.
The '']'' described it as "a website that allows people to bet on the price of gold, oil or stocks";<ref name = "WSJ">{{cite web|url=http://online.wsj.com/article/SB10001424127887324798904578529241482337164.html|title = Regulators Sue Prediction Site, Allege Illegal Options|publisher = Wall Street Journal |accessdate = 11 June 2013|archiveurl=http://www.webcitation.org/6L9hopyb5|archivedate=2013-11-15}}</ref> the '']'' called it a "betting firm".<ref>{{cite web|author=] |url=http://www.thisismoney.co.uk/money/investing/article-2407941/TONY-HETHERINGTON-US-watchdog-takes-bank-Banc-Binary-court--Britain-lets-in.html |title=US watchdog takes 'bank' Banc de Binary to court...but Britain lets it in |publisher=] |date= |accessdate=2013-11-13|archiveurl=http://www.webcitation.org/query?url=http%3A%2F%2Fwww.thisismoney.co.uk%2Fmoney%2Finvesting%2Farticle-2407941%2FTONY-HETHERINGTON-US-watchdog-takes-bank-Banc-Binary-court--Britain-lets-in.html&date=2013-11-15|archivedate=2013-11-15}}</ref>


Within the European Union, the company is regulated by the ] (CySEC); elsewhere it does business through BDB Trading, a separately incorporated company.
==History==
In an interview the company's founder stated that the firm was founded on the 15th Jan 2009,<ref>{{cite web|url=http://www.investing.com/brokers/banc-de-binary/interviews/banc-de-binary-ceo-oren-laurent-opens-up-on-binary-options-169615 |title=Banc De Binary CEO Oren Laurent Opens Up on Binary Options - with Banc De Binary |publisher=] |date= |accessdate=2013-11-11}}</ref> and that before, he had worked at "NAF Hedge Funds" and "Infinity Private Investment Funds", which he described as hedge funds in New York.<ref>{{cite web|url=http://orenlaurent.net
|title=Oren Laurent, Financial Services
|accessdate=2013-10-24
|archiveurl=http://web.archive.org/web/20130916114539/http://orenlaurent.net
|archivedate=2013-09-16
|quote=He obtained employment in various retail Wall Street Firms and then worked in NAF Hedge Funds. He later transferred to Infinity Private Investment Funds.
}}</ref> The company also claims to have been founded in Seychelles in 2008,<ref>{{cite web|url=http://www.mybinaryoption.com/banc-de-binary/ |title=Banc De Binary |publisher=Mybinaryoption.com |date=2013-09-04 |accessdate=2013-11-27}}</ref> and that this is their current trading address.<ref name=tou>{{cite web
|url=https://bancdebinary.com/terms-of-use/
|title=Terms of Use
|archiveurl=http://archive.is/T5OAy
|archivedate=2013-11-20
|quote=BO Systems Limited (Effective from January 7, 2013 until March 5, 2013) and/or BDB Services Limited (Effective from March 5, 2013) (hereafter the Company)
The trading address of BDB Services Limited is situated at Suite 106, Premier Building, Victoria, Mahe, Seychelles.
Outside of the European Union, this website is operated by BDB Services Limited (Incorporated in Seychelles)
}}</ref> According to their Facebook Page, E.T. Binary Options, the alternative name for Banc de Binary, operates from the Diamond District in Ramat Gan, Israel and it is also publicly listed as having another office in Petah Tikva, Israel.<ref name=facebook>{{cite web|url=https://www.facebook.com/EtBinaryOptionsLtd?_fb_noscript=1|title=E.T. Binary Options LTD|accessdate=2013-10-23|quote=משרדנו ממוקמים ברמת גן במתחם הבורסה |archiveurl=http://archive.is/9UMpE|archivedate=2013-10-23}}</ref><ref name="dundbil">{{cite web|url=http://israel-business.dundb.co.il/D533695164.aspx |title=E.T. BINARY OPTIONS LTD LTD - D&B DunsGuide Global - Israel Business |publisher=Israel-business.dundb.co.il |date= |accessdate=2013-11-27}}</ref>


<ref name = "Cysec">{{cite web|url=http://www.cysec.gov.cy/licence_members_1_en.aspx|title = Cyprus Securities and Exchange Commission|publisher = Cypus Securities and Exchange Commision}}</ref> made the decision to recognized binary options as trading instruments in 2012 and enacted the first international regulation of binary options requiring licensees fulfill obligations that meet local and international law. At its genesis, BDB and the platform provider SpotOption were the first to become regulated by CySEC. Since then BDB has requested certification status from the ] (Financial Services Authority- UK) and the FSB (Financial Services Board). Because of Cyprus’ member status in the European Union, BDB is also regulated by the ImFIB which carries some protections under the ICF (Investors Compensation Fund). This network of regulation allows BDB to operate in EU countries under the European Economic Arena Passport.
The CTFC asserted in their complaint against Banc de Binary that its CEO and founder Oren Laurent is an Israeli resident called Oren Shabat Cohen,<ref>http://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfbanccomplaint060513.pdf</ref> with later court documents placing him in ].<ref name="justia"/> On the Banc de Binary website<ref>{{cite web|url=https://bancdebinary.com/education-centre/video-library/banc-de-binary-ceo-oren-laurent-interview-2/ |title=Banc De Binary CEO Oren Laurent - Interview |publisher=Bancdebinary.com |date= |accessdate=2013-11-27}}</ref>
and others<ref>{{cite web
|url=http://orenlaurent.com/
|title=Oren Laurent
|archiveurl=http://web.archive.org/web/20120726004836/http://www.orenlaurent.com/
|archivedate=2012-07-26}}</ref><ref>{{cite web
|url=http://www.investing.com/brokers/banc-de-binary/interviews/banc-de-binary-ceo-oren-laurent-opens-up-on-binary-options-169615
|title=Banc De Binary CEO Oren Laurent Opens Up on Binary Options - with Banc De Binary
|publisher=Investing.com
|date=
|accessdate=2013-11-27}}</ref> the CEO is called Oren Laurent; however the CTFC called him Oren Shabat Cohen, saying he is also known as Oren Laurent.<ref name=cftc/>


The '']'' described it as "a website that allows people to bet on the price of gold, oil or stocks";<ref name = "WSJ">{{cite web|url=http://online.wsj.com/article/SB10001424127887324798904578529241482337164.html|title = Regulators Sue Prediction Site, Allege Illegal Options|publisher = Wall Street Journal |accessdate = 11 June 2013|archiveurl=http://www.webcitation.org/6L9hopyb5|archivedate=2013-11-15}}</ref>
In an interview, the company's founder claimed that by June 2011 the company had around 20,000 client accounts,<ref name=IU>{{cite web |url=http://investmentunderground.com/6882/featured/banc-de-binary-ceo-oren-laurent-opens-up-on-binary-options/
|date=27 May 2013
|first=Susan
|last=Wright
|title=Banc De Binary CEO Oren Laurent Opens Up on Binary Options
|publisher= Investment Underground
|accessdate=Aug 11, 2013
|archiveurl= http://web.archive.org/web/20130808121044/http://investmentunderground.com/6882/featured/banc-de-binary-ceo-oren-laurent-opens-up-on-binary-options/
|archivedate=2013-08-08
|quote=Our projections were for 10,000 client accounts by the end of 2011. We'd doubled that number by June.
}}</ref>{{verify credibility|date=November 2013}} and in an open letter published by August 2012, he claimed that number was then 200,000.<ref name="BOD1">{{cite web |url=http://www.binaryoptionsdaily.com/2012/08/27/banc-de-binarys-ceo-oren-laurent-expresses-sincere-thanks/|title=Banc De Binary’s CEO Oren Laurent Expresses Sincere Thanks |publisher= BinaryOptionsDaily.com |accessdate=Aug 11, 2013}}</ref> Banc de Binary have stated that it "is a small company, with approximately 60 employees".<ref name="justia"/>

An article in the Independent on Sunday newspaper described it as a "leading City trading firm", although it does not have an office in the City of London, and the address the company gives is a virtual office space with no physical presence .<ref>{{cite news|url=http://www.independent.co.uk/money/spend-save/bluechip-dividends-tipped-to-soar-8458512.html?origin=internalSearch |title=Blue-chip dividends tipped to soar |work=] |date=2013-01-20 |accessdate=2013-11-11}}</ref><ref>{{cite web|url=http://bookings.executiveoffices.co.uk/virtual-offices/1-king-street-ec2v-8au |title=Buy a 1 King Street, EC2V 8AU |publisher=Bookings.executiveoffices.co.uk |date= |accessdate=2013-11-27}}</ref>


==Regulation== ==Regulation==
Line 65: Line 25:
Investment firms regulated by CySEC must demonstrate to CySEC that their activities comply with the laws of any non-] countries where they do business.<ref>{{cite web|url=http://forexmagnates.com/get-out-cysec-bans-fx-firms-from-accepting-non-eu-clients/|title=Get Out! CySEC Bans FX Firms From Accepting Non-EU Clientswork=Forex Magnates|accessdate=2013-10-16|archiveurl=http://web.archive.org/web/20130806024248/http://forexmagnates.com/get-out-cysec-bans-fx-firms-from-accepting-non-eu-clients/|archivedate=2013-08-06|quote= brokers which operate under the CySEC license will no longer be able to solicit business outside of the European Union, unless a potential client who resides in a non-EU member state can provide written authorization from the domestic financial markets regulator in the nation which that person is resident }}</ref><ref name="cysec-circular">{{cite web | url=http://www.cysec.gov.cy/Downloads/Circulars/2013/EPEY/Circular%20CI144-2013-22%20to%20CIFs%20-%20cross%20border%20services%20to%20third%20countries.pdf | title=Freedom to provide investment and ancillary services and or perform investment activities in a third country | publisher=Cyprus Securities and Exchange Commission | work=Circular CI144-2013-22 | date=2013-07-26 | accessdate=2013-11-11|archiveurl=http://web.archive.org/web/20130814201432/http://www.cysec.gov.cy/Downloads/Circulars/2013/EPEY/Circular%20CI144-2013-22%20to%20CIFs%20-%20cross%20border%20services%20to%20third%20countries.pdf|archivedate=2013-08-14|quote= The Commission allows, pursuant to section 79(4) of the Law, the provision of investment and ancillary services and/or the performance of investment services within the territory of a third country provided that CIFs, before commencing any activity, will take all necessary measures to ensure that they will comply with the relevant legal provisions of the third country.}}</ref> According to the company, its operations "outside of the European Union" are conducted by BDB Services Limited (formerly known as BO Systems Limited), which is incorporated in the ].<ref name=tou/> Investment firms regulated by CySEC must demonstrate to CySEC that their activities comply with the laws of any non-] countries where they do business.<ref>{{cite web|url=http://forexmagnates.com/get-out-cysec-bans-fx-firms-from-accepting-non-eu-clients/|title=Get Out! CySEC Bans FX Firms From Accepting Non-EU Clientswork=Forex Magnates|accessdate=2013-10-16|archiveurl=http://web.archive.org/web/20130806024248/http://forexmagnates.com/get-out-cysec-bans-fx-firms-from-accepting-non-eu-clients/|archivedate=2013-08-06|quote= brokers which operate under the CySEC license will no longer be able to solicit business outside of the European Union, unless a potential client who resides in a non-EU member state can provide written authorization from the domestic financial markets regulator in the nation which that person is resident }}</ref><ref name="cysec-circular">{{cite web | url=http://www.cysec.gov.cy/Downloads/Circulars/2013/EPEY/Circular%20CI144-2013-22%20to%20CIFs%20-%20cross%20border%20services%20to%20third%20countries.pdf | title=Freedom to provide investment and ancillary services and or perform investment activities in a third country | publisher=Cyprus Securities and Exchange Commission | work=Circular CI144-2013-22 | date=2013-07-26 | accessdate=2013-11-11|archiveurl=http://web.archive.org/web/20130814201432/http://www.cysec.gov.cy/Downloads/Circulars/2013/EPEY/Circular%20CI144-2013-22%20to%20CIFs%20-%20cross%20border%20services%20to%20third%20countries.pdf|archivedate=2013-08-14|quote= The Commission allows, pursuant to section 79(4) of the Law, the provision of investment and ancillary services and/or the performance of investment services within the territory of a third country provided that CIFs, before commencing any activity, will take all necessary measures to ensure that they will comply with the relevant legal provisions of the third country.}}</ref> According to the company, its operations "outside of the European Union" are conducted by BDB Services Limited (formerly known as BO Systems Limited), which is incorporated in the ].<ref name=tou/>


The Financial Services Register maintained by the UK's ] states that from 25 February 2013 the company "is authorised or registered by ... ... and may be subject to limited regulation by the Financial Conduct Authority".<ref name="BancDeBinaryFSA">{{cite web| title=Financial Services Register 2013| location = | pages = | language = | publisher = Bank of England Financial Services Register| date = Jun 2013| url =http://www.fsa.gov.uk/register/firmRegulator.do?sid=314566| accessdate =8 July 2013}}</ref> The company has similar licences in Germany,<ref>{{cite web|author=BaFin |url=https://portal.mvp.bafin.de/database/InstInfo/institutDetails.do?cmd=loadInstitutAction&institutId=131401 |title=BaFin – Unternehmensdatenbank BaFin |language={{de icon}} |publisher=Portal.mvp.bafin.de |date= |accessdate=2013-08-17}}</ref> Italy,<ref>{{cite web|url=http://www.consob.it/mainen/documenti/english/intermediaries/albi/COM.html?symblink=/mainen/intermediares/investments_firms/com_lnk.html |title=Consob |publisher=Consob.it |date= |accessdate=2013-08-17}}</ref> France,<ref>{{cite web|url=https://www.regafi.fr/spip.php?type=simple&id_secteur=1&lang=fr&denomination=banc+de+binary&page=af&id=3880 |title=Fiche agent financier – REGAFI – Registre des agents financiers |publisher=Regafi.fr |date= |accessdate=2013-08-17}}</ref> and Spain.<ref>{{cite web|url=http://www.cnmv.es/Portal/Consultas/ESI/ESISExtranjerasLP.aspx?numero=3370&tipo=CLP |title=CNMV – Empresas de servicios de inversión extranjeras en libre prestación |publisher=Cnmv.es |date=2013-01-24 |accessdate=2013-08-17}}</ref> In accordance with the ], the company has "passported" into almost all member states of the EEA; MiFID allows companies to provide financial services primarily regulated by their home state rather than the state where the customer resides,<ref name="CySECList">{{cite web |url=http://www.cysec.gov.cy/licence_members_14_en.aspx|title=Cypriot Investment Firm offering cross-border services to Member States |publisher= CySEC |accessdate=Aug 11, 2013}}</ref> but clients based in other countries would receive nothing if the company collapsed.<ref name="thisismoney.co.uk">{{cite news|url=http://www.thisismoney.co.uk/money/investing/article-2407941/TONY-HETHERINGTON-US-watchdog-takes-bank-Banc-Binary-court--Britain-lets-in.html|author=]|title=US watchdog takes 'bank' Banc de Binary to court...but Britain lets it in|work=]|accessdate=2013-10-16}}</ref> The Financial Services Register maintained by the UK's ] states that from 25 February 2013 the company "is authorized or registered by ... ... and may be subject to limited regulation by the Financial Conduct Authority".<ref name="BancDeBinaryFSA">{{cite web| title=Financial Services Register 2013| location = | pages = | language = | publisher = Bank of England Financial Services Register| date = Jun 2013| url =http://www.fsa.gov.uk/register/firmRegulator.do?sid=314566| accessdate =8 July 2013}}</ref> The company has similar licenses in Germany,<ref>{{cite web|author=BaFin |url=https://portal.mvp.bafin.de/database/InstInfo/institutDetails.do?cmd=loadInstitutAction&institutId=131401 |title=BaFin – Unternehmensdatenbank BaFin |language={{de icon}} |publisher=Portal.mvp.bafin.de |date= |accessdate=2013-08-17}}</ref> Italy,<ref>{{cite web|url=http://www.consob.it/mainen/documenti/english/intermediaries/albi/COM.html?symblink=/mainen/intermediares/investments_firms/com_lnk.html |title=Consob |publisher=Consob.it |date= |accessdate=2013-08-17}}</ref> France,<ref>{{cite web|url=https://www.regafi.fr/spip.php?type=simple&id_secteur=1&lang=fr&denomination=banc+de+binary&page=af&id=3880 |title=Fiche agent financier – REGAFI – Registre des agents financiers |publisher=Regafi.fr |date= |accessdate=2013-08-17}}</ref> and Spain.<ref>{{cite web|url=http://www.cnmv.es/Portal/Consultas/ESI/ESISExtranjerasLP.aspx?numero=3370&tipo=CLP |title=CNMV – Empresas de servicios de inversión extranjeras en libre prestación |publisher=Cnmv.es |date=2013-01-24 |accessdate=2013-08-17}}</ref> In accordance with the ], the company has "passported" into almost all member states of the EEA; MiFID allows companies to provide financial services primarily regulated by their home state rather than the state where the customer resides.<ref name="CySECList">{{cite web |url=http://www.cysec.gov.cy/licence_members_14_en.aspx|title=Cypriot Investment Firm offering cross-border services to Member States |publisher= CySEC |accessdate=Aug 11, 2013}}</ref>


The company received a complaint by the US Federal Security and Exchange Commission filed on June 5, 2013 (Civil Action No. 2:13-CV-00993-RCJ-VCF), alleging that Banc de Binary had been offering and selling binary options to investors across the U.S. without first registering the securities as required under the federal securities laws. A request for deposition was made via the Nevada courts, yet to date no charges by the US Securities Commission were filed against the company or its staff.
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"/>

In a message posted on its Web site,<ref>{{cite web|url=http://l.bbinary.com/Notice/ |title=Binary Options Trading Online with Banc De Binary |date= |accessdate=2013-08-17|archiveurl=http://archive.is/B9p6X|archivedate=2013-08-17}}</ref> the company stated that {{quote|1= Banc De Binary is voluntarily discontinuing its operations in the United States. The United States Commodity Futures Trading Commission and Securities and Exchange Commission have asserted that Banc De Binary is not permitted to offer its binary option products to U.S. residents without registering with those agencies. We are currently in discussions with the CFTC and SEC about these issues, but in the interim, we have discontinued all business with U.S. residents.}}


==Products and services== ==Products and services==
The company allows people to place predictions on changes in the price of various assets by using a pricing platform provided by another Israeli company, Spotoption, and customised by Banc de Binary. Customers do not own the asset but instead predict whether its price will rise or fall.<ref>http://www.spotoption.com/binaryoptions/what-are-binary-options/</ref> Spotoption also provide similar services for around 170 other binary options brokers.<ref>http://www.spotoption.com/brands/</ref> Banc de Binary's role is to create accounts for customers as a reseller of Spotoption's services. The company offers several kinds of options; customers can make predictions of the price of over 200 global assets including ], ], ], and ] using several variations of the trading platform including classic ],<ref name="INVESTO">{{cite web |url=http://www.investopedia.com/terms/b/binary-option.asp|title=Binary Option |publisher= investopedia.com |accessdate=Aug 11, 2013}}</ref> long term options, sixty seconds,<ref name="BOW">{{cite web |url=http://www.binaryoptionswire.com/60-second-binary-option-trading-strategy/|title=60 Second Binary Option Trading Strategy |publisher= Nancy Eleutheriou |accessdate=Aug 11, 2013}}</ref> one touch (boundary options),<ref name="INVESTO2">{{cite web |url=http://www.investopedia.com/terms/o/onetouchoption.asp|title=One-Touch Option |publisher= investopedia.com |accessdate=Aug 11, 2013}}</ref> and pairs trading. The company allows people to place predictions on changes in the price of various assets by using a pricing platform provided by another Israeli company, Spotoption, and customized by Banc de Binary. Customers do not own the asset but instead predict whether its price will rise or fall.<ref>http://www.spotoption.com/binaryoptions/what-are-binary-options/</ref> Spotoption also provide similar services for around 170 other binary options brokers.<ref>http://www.spotoption.com/brands/</ref> Banc de Binary's role is to create accounts for customers as a reseller of Spotoption's services. The company offers several kinds of options; customers can make predictions of the price of over 200 global assets including ], ], ], and ] using several variations of the trading platform including classic ],<ref name="INVESTO">{{cite web |url=http://www.investopedia.com/terms/b/binary-option.asp|title=Binary Option |publisher= investopedia.com |accessdate=Aug 11, 2013}}</ref> long term options, sixty seconds,<ref name="BOW">{{cite web |url=http://www.binaryoptionswire.com/60-second-binary-option-trading-strategy/|title=60 Second Binary Option Trading Strategy |publisher= Nancy Eleutheriou |accessdate=Aug 11, 2013}}</ref> one touch (boundary options),<ref name="INVESTO2">{{cite web |url=http://www.investopedia.com/terms/o/onetouchoption.asp|title=One-Touch Option |publisher= investopedia.com |accessdate=Aug 11, 2013}}</ref> and pairs trading.


== Internet presence == == Internet presence ==
Line 87: Line 49:
|archiveurl= http://www.webcitation.org/query?url=https%3A%2%2Fwww.networksolutions.com%2Fwhois%2Fresults.jsp%3Fdomain%3Dbancdebinary.com&date=2013-11-20 |archiveurl= http://www.webcitation.org/query?url=https%3A%2%2Fwww.networksolutions.com%2Fwhois%2Fresults.jsp%3Fdomain%3Dbancdebinary.com&date=2013-11-20
|archivedate= 2013-11-20 |archivedate= 2013-11-20
|quote= |quote=
Tech Name: Oren Shabat Cohen Tech Name: Oren Shabat Cohen
Tech Organization: Banc De Binary Ltd}}</ref> Tech Organization: Banc De Binary Ltd}}</ref>
Line 104: Line 66:
|archivedate= 2013-12-04 |archivedate= 2013-12-04
|quote=Registrant Organization:Banc De Binary}}</ref> |quote=Registrant Organization:Banc De Binary}}</ref>
*easytradeonline.us<ref>{{cite web|url=http://whois.domaintools.com/easytradeonline.us *bdb-partners.com<ref>http://bdb-partners.com/</ref>
|title=EasyTradeOnline.us Whois Record
|accessdate=2013-10-24
|archiveurl=http://archive.is/ZoRTq
|archivedate=2013-10-24
|quote=Registrant Organization: Banc De Binary
}}</ref>
*binarybank.asia<ref>{{cite web|url=http://whois.domaintools.com/binarybank.asia
|title=BinaryBank.asia Whois Record
|accessdate=2013-10-24
|archiveurl=http://archive.is/yonVV
|archivedate=2013-10-24
|quote=Registrant Organization: Banc De Binary
}}</ref>
*bdbaffiliates.us<ref>{{cite web|url=http://whois.domaintools.com/bdbaffiliates.us
|title=BdbAffiliates.us Whois Record
|accessdate=2013-10-24
|archiveurl=http://archive.is/jj9q8
|archivedate=2013-10-24
|quote=Registrant Organization: Banc De Binary
}}</ref>
*binarybank.us<ref>{{cite web|url=http://whois.domaintools.com/binarybank.us
|title=BinaryBank.us Whois Record
|accessdate=2013-10-29
|archiveurl=http://archive.is/bVUwO
|archivedate=2013-10-29
|quote=Registrant Organization: Banc De Binary
}}</ref>
*binary-bank.us<ref>{{cite web|url=http://whois.domaintools.com/binary-bank.us
|title=Binary-Bank.us Whois Record
|accessdate=2013-10-29
|archiveurl=http://archive.is/4LLfA
|archivedate=2013-10-29
|quote=Registrant Organization: Banc De Binary
}}</ref>
*thebinaryoption.us<ref>{{cite web|url=http://whois.domaintools.com/thebinaryoption.us
|title=TheBinaryOption.us Whois Record
|accessdate=2013-10-29
|archiveurl=http://archive.is/kIrea
|archivedate=2013-10-29
|quote=Registrant Organization: Banc De Binary
}}</ref>
*bbinary.asia<ref>{{cite web|url=http://whois.domaintools.com/bbinary.asia *bbinary.asia<ref>{{cite web|url=http://whois.domaintools.com/bbinary.asia
|title=bBinary.asia Whois Record |title=bBinary.asia Whois Record
Line 159: Line 80:
|archiveurl=http://web.archive.org/web/20131204065030/http://www.eurid.eu/en/whois-search?domain=bbinary.eu |archiveurl=http://web.archive.org/web/20131204065030/http://www.eurid.eu/en/whois-search?domain=bbinary.eu
|archivedate=2013-12-04 |archivedate=2013-12-04
|quote=Organisation Banc De Binary |quote=Organisation Banc De Binary
}}</ref>
*binary-bank.eu<ref>{{cite web
|url=http://www.eurid.eu/en/whois-search?domain=binary-bank.eu
|title=WHOIS search
|accessdate=2013-12-04
|archiveurl=http://web.archive.org/web/20131204070822/http://www.eurid.eu/en/whois-search?domain=binary-bank.eu
|archivedate=2013-12-04
|quote=Organisation Banc De Binary
}}</ref>
*binarybank.eu<ref>{{cite web
|url=http://www.eurid.eu/en/whois-search?domain=binarybank.eu
|title=WHOIS search
|accessdate=2013-12-04
|archiveurl=http://web.archive.org/web/20131204071055/http://www.eurid.eu/en/whois-search?domain=binarybank.eu
|archivedate=2013-12-04
|quote=Organisation Banc De Binary
}}</ref> }}</ref>
*binaryoptions.fm<ref>{{cite web *binaryoptions.fm<ref>{{cite web
Line 185: Line 90:
|quote=Organisation: Banc De Binary |quote=Organisation: Banc De Binary
}}</ref> }}</ref>
*bdb-partners.com<ref>http://bdb-partners.com/</ref><ref>{{cite web
|url=http://whois.domaintools.com/bdb-partners.com
|title=Bdb-Partners.com Whois Record
|accessdate=2014-03-27
|quote=Registrant Name: Yeheshkiel Shabat
Registrant Organization: ET Options
}}</ref><!-- archived at archive dot is slash v7WeN -->


The domain bancdebinary.eu was registered to "Cronon AG Professional IT-Services".<ref>{{cite web The domain bancdebinary.eu was registered to "Cronon AG Professional IT-Services".<ref>{{cite web
Line 199: Line 97:
|archiveurl=http://web.archive.org/web/20131204065950/http://www.eurid.eu/en/whois-search?domain=bancdebinary.eu |archiveurl=http://web.archive.org/web/20131204065950/http://www.eurid.eu/en/whois-search?domain=bancdebinary.eu
|archivedate=2013-12-04 |archivedate=2013-12-04
|quote=Organisation Cronon AG Professional IT-Services |quote=Organisation Cronon AG Professional IT-Services
}}</ref> }}</ref>


Line 209: Line 107:
* 2011, Broker of the Year, Binary Options Daily <ref name="BOD">{{cite web |url=http://www.binaryoptionsdaily.com|title=Binary Options Daily |publisher= BinaryOptionsDaily.com |accessdate=Jan 1, 2013}}</ref> * 2011, Broker of the Year, Binary Options Daily <ref name="BOD">{{cite web |url=http://www.binaryoptionsdaily.com|title=Binary Options Daily |publisher= BinaryOptionsDaily.com |accessdate=Jan 1, 2013}}</ref>
* 2011, Platform of the Year, Binary Options Daily <ref name="BOD" /> * 2011, Platform of the Year, Binary Options Daily <ref name="BOD" />

==US regulatory issues==
Banc de Binary claimed to have an office in ] at ], but this was in fact a virtual office space with no significant physical presence.<ref name="seccomplaint">{{cite web|url=https://www.sec.gov/litigation/complaints/2013/comp-pr2013-103.pdf|title=SECURITIES AND EXCHANGE COMMISSION vs. BANC DE BINARY LTD, complaint|quote=Banc de Binary maintained a virtual office on Wall Street}}</ref> Trading and offering financial services to US consumers without gaining a license first from US regulators is illegal, as it would mean the client would have no protection. The company also claims on its site at its UK Companies House report<ref>{{cite web|url=http://wck2.companieshouse.gov.uk//companysearch?disp=1&frfsh=1382112367&#result |title=Companies House WebCheck |publisher=Wck2.companieshouse.gov.uk |date= |accessdate=2013-10-18}}</ref> to have an office at 1 King Street, EC2, in the ], but this, like its New York City address, is a virtual office with no physical presence.<ref>{{cite web|url=http://bookings.executiveoffices.co.uk/virtual-offices/1-king-street-ec2v-8au |title=Buy a 1 King Street, EC2V 8AU |publisher=Bookings.executiveoffices.co.uk |date= |accessdate=2013-10-18}}</ref> Banc de Binary's UK Companies House report says that they are based in Cyprus.

On 6 June 2013, Banc De Binary was charged by both the ] and the ] for alleged violations of US financial regulations. In the same press release the CFTC warned more generally of "fraudulent schemes involving binary options and their trading platforms".<ref name="cftc.gov">{{cite web
|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
|accessdate=2013-10-16
|archiveurl=http://web.archive.org/web/20130819132836/http://www.cftc.gov/PressRoom/PressReleases/pr6602-13
|archivedate=2013-08-19
|deadurl=no}}</ref>
On 30 July 2013 the SEC obtained a preliminary injunction from U.S. District Court for the District of Nevada to prevent and freeze any further trading with US customers.<ref>{{cite web|url=http://www.sec.gov/litigation/litreleases/2013/lr22767.htm |title=Banc de Binary Ltd. (Release No. LR-22767; August 1, 2013) |publisher=Sec.gov |date= |accessdate=2013-10-18}}</ref> Binary trading in the US is legal, but only if done through properly registered and regulated exchanges such as ].<ref>{{cite web|url=http://www.nadex.com/why-nadex/legal-for-us-residents.html |title=Binary Options Legal US |publisher=Nadex.com |date= |accessdate=2013-10-18}}</ref><ref name="FM">{{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 CTFC| publisher = ForexMagnates | accessdate = 19 June 2013}}</ref><ref name="FxView">{{cite web|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 | accessdate = 19 June 2013}}</ref> Both the CTFC and SEC working in conjunction with one another filed civil suits against the company, seeking disgorgement, financial penalties and other preliminary and permanent injunctions against the company.<ref name="SEC">{{cite web|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. | publisher=Securities Exchange Comission | accessdate = 19 June 2013}}</ref><ref name="CTFC">{{cite web|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 | accessdate = 19 June 2013}}</ref> In civil suits filed in Nevada, the SEC and CTFC allege that the company was 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 it did not limit its offerings to eligible contract participants, contrary to US regulations;<ref name="SEC">{{cite web|url=http://www.sec.gov/litigation/complaints/2013/comp-pr2013-103.pdf|title = SEC Full Complaint | accessdate = 19 June 2013}}</ref><ref>{{cite web|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 | accessdate = 19 June 2013}}</ref> a fully regulated broker would complete credit checks on customers to ensure that those with low finances did not trade with them. Amongst the allegations made by the SEC is that Banc de Binary induced people with limited funds, including one unemployed person with less than $1000,<ref>{{cite web|url=http://www.sec.gov/litigation/litreleases/2013/lr22718.htm |title=Banc de Binary Ltd. (Release No. LR-22718; June 7, 2013) |publisher=Sec.gov |date= |accessdate=2013-10-18}}</ref> to open accounts. In response to the US charges the company put out a statement that made no mention of its legal problems, but instead incorrectly implied that they were in negotiations and that they had voluntarily left the US market, when in fact the SEC had taken an injunction out to stop them:<ref name="thisismoney.co.uk"/><ref>. Sec.gov. Retrieved on 2013-10-16.</ref>

Banc de Binary have retained the services of Snell and Wilmer in Reno in relation to US charges. This followed an earlier hearing where in the absence of any representation from Banc de Binary, charges were filed via email and by post<ref name="justia"/>

In a message posted on its Web site,<ref>{{cite web|url=http://l.bbinary.com/Notice/ |title=Binary Options Trading Online with Banc De Binary |date= |accessdate=2013-08-17|archiveurl=http://archive.is/B9p6X|archivedate=2013-08-17}}</ref> the company stated that {{quote|1= Banc De Binary is voluntarily discontinuing its operations in the United States. The United States Commodity Futures Trading Commission and Securities and Exchange Commission have asserted that Banc De Binary is not permitted to offer its binary option products to U.S. residents without registering with those agencies. We are currently in discussions with the CFTC and SEC about these issues, but in the interim, we have discontinued all business with U.S. residents.}}

==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==
* *
* *
*
*
*
*


==Images== ==Images==
Line 264: Line 127:
}} }}
{{-}} {{-}}

== See also ==
*]
*]
*]
*]
*]
*]
*]
*]


==References== ==References==
Line 271: Line 144:
] ]
] ]
]

Revision as of 18:33, 1 April 2014

Banc De Binary
Company typePrivate
IndustryBinary Options
Founded2009
Key peopleOren Laurent, Company Founder; Soteris Flourentzou, Director; Pieris Hadjipieris, Director; Sarah Fenwick, Director of Communications; Roy Ogen, General Manager of the Cyprus Headquarters
Websitewww.bancdebinary.com/

Banc De Binary, formerly known as BO Systems Limited and also known as BDB Services Limited and ET Binary Options Ltd., is an 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.

In finance, a binary option is a type of option where the payoff is either some fixed amount of some asset or nothing at all. The two main types of binary options are the cash-or-nothing binary option and the asset-or-nothing binary option. The cash-or-nothing binary option pays some fixed amount of cash if the option expires in-the-money while the asset-or-nothing pays the value of the underlying security. Thus, the options are binary in nature because there are only two possible outcomes. They are also called all-or-nothing options, digital options (more common in forex/interest rate markets), and fixed return options (FROs) (on the American Stock Exchange). Binary options are usually European-style options.

Within the European Union, the company is regulated by the Cyprus Securities and Exchange Commission (CySEC); elsewhere it does business through BDB Trading, a separately incorporated company.

CySEC made the decision to recognized binary options as trading instruments in 2012 and enacted the first international regulation of binary options requiring licensees fulfill obligations that meet local and international law. At its genesis, BDB and the platform provider SpotOption were the first to become regulated by CySEC. Since then BDB has requested certification status from the FSA (Financial Services Authority- UK) and the FSB (Financial Services Board). Because of Cyprus’ member status in the European Union, BDB is also regulated by the ImFIB which carries some protections under the ICF (Investors Compensation Fund). This network of regulation allows BDB to operate in EU countries under the European Economic Arena Passport.

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

Regulation

On 7 January 2013, Banc De Binary was licensed as an investment firm by the Cyprus Securities and Exchange Commission (CySEC).

Investment firms regulated by CySEC must demonstrate to CySEC that their activities comply with the laws of any non-EU countries where they do business. According to the company, its operations "outside of the European Union" are conducted by BDB Services Limited (formerly known as BO Systems Limited), which is incorporated in the Seychelles.

The Financial Services Register maintained by the UK's Financial Conduct Authority states that from 25 February 2013 the company "is authorized or registered by ... ... and may be subject to limited regulation by the Financial Conduct Authority". The company has similar licenses in Germany, Italy, France, and Spain. In accordance with the European Markets in Financial Instruments Directive (MiFID), the company has "passported" into almost all member states of the EEA; MiFID allows companies to provide financial services primarily regulated by their home state rather than the state where the customer resides.

The company received a complaint by the US Federal Security and Exchange Commission filed on June 5, 2013 (Civil Action No. 2:13-CV-00993-RCJ-VCF), alleging that Banc de Binary had been offering and selling binary options to investors across the U.S. without first registering the securities as required under the federal securities laws. A request for deposition was made via the Nevada courts, yet to date no charges by the US Securities Commission were filed against the company or its staff.

In a message posted on its Web site, the company stated that

Banc De Binary is voluntarily discontinuing its operations in the United States. The United States Commodity Futures Trading Commission and Securities and Exchange Commission have asserted that Banc De Binary is not permitted to offer its binary option products to U.S. residents without registering with those agencies. We are currently in discussions with the CFTC and SEC about these issues, but in the interim, we have discontinued all business with U.S. residents.

Products and services

The company allows people to place predictions on changes in the price of various assets by using a pricing platform provided by another Israeli company, Spotoption, and customized by Banc de Binary. Customers do not own the asset but instead predict whether its price will rise or fall. Spotoption also provide similar services for around 170 other binary options brokers. Banc de Binary's role is to create accounts for customers as a reseller of Spotoption's services. The company offers several kinds of options; customers can make predictions of the price of over 200 global assets including commodities, stocks, indices, and FOREX using several variations of the trading platform including classic binary options, long term options, sixty seconds, one touch (boundary options), and pairs trading.

Internet presence

As of March 2014, the following domain names (and possibly others) were registered in the company's name:

  • bbinary.com
  • bancdebinary.com
  • bancdebinary.net
  • bancdebinary.org
  • bdb-partners.com
  • bbinary.asia
  • bbinary.eu
  • binaryoptions.fm

The domain bancdebinary.eu was registered to "Cronon AG Professional IT-Services".

Awards

  • 2013, Best Binary Options Broker in the Middle East 2013, JFEX
  • 2012, Best Binary Options Customer Service, ForexTraders
  • 2011, World Finance 100, World Finance Magazine
  • 2011, Best Customer Service, FX Empire
  • 2011, Broker of the Year, Binary Options Daily
  • 2011, Platform of the Year, Binary Options Daily

External links

Images

home page, August 2013home page, August 2013

See also

References

  1. http://www.europeanceo.com/business-and-management/2013/01/the-next-generation-of-financier/
  2. ^ "U.S. Commodity Futures Trading Commission v. Banc de Binary Ltd. (a/k/a E.T. Binary Options Ltd.), Complaint for Injunctive and Other Equitable Relief and for Civil Monetary Penalties Under the Commodity Exchange Act and Commission Regulations" (PDF). Banc de Binary's chief executive officer, Oren Laurent, resides in Israel and is the registrant for the website www.bbinary.com. Cite error: The named reference "cftc" was defined multiple times with different content (see the help page).
  3. "Soteris Flourentzou profile | free company director check". Companydirectorcheck.com. Retrieved 2013-11-11.
  4. "Pieris Hadjipieris profile | free company director check". Companydirectorcheck.com. Retrieved 2013-11-11.
  5. "Banc De Binary tops 200,000 new client accounts". 2013-10-08. The communications team for Cyprus is led by Sarah Fenwick who is the company's Director of Communications.
  6. http://www.goldnews.com.cy/en/financial-services/banc-de-binary--changing-the-face-of-online-trading
  7. Binary Option Definition Investopedia. Retrieved 2013-06-30.
  8. "Cyprus Securities and Exchange Commission". Cypus Securities and Exchange Commision.
  9. "Regulators Sue Prediction Site, Allege Illegal Options". Wall Street Journal. Archived from the original on 2013-11-15. Retrieved 11 June 2013.
  10. "Cyprus Securities and Exchange Commission". Cysec.gov.cy. Retrieved 2013-08-17.
  11. "Banc De Binary is first Binary Options Broker in EU". Financial Mirror. Retrieved Aug 11, 2013.
  12. "Get Out! CySEC Bans FX Firms From Accepting Non-EU Clientswork=Forex Magnates". Archived from the original on 2013-08-06. Retrieved 2013-10-16. brokers which operate under the CySEC license will no longer be able to solicit business outside of the European Union, unless a potential client who resides in a non-EU member state can provide written authorization from the domestic financial markets regulator in the nation which that person is resident
  13. "Freedom to provide investment and ancillary services and or perform investment activities in a third country" (PDF). Circular CI144-2013-22. Cyprus Securities and Exchange Commission. 2013-07-26. Archived from the original (PDF) on 2013-08-14. Retrieved 2013-11-11. The Commission allows, pursuant to section 79(4) of the Law, the provision of investment and ancillary services and/or the performance of investment services within the territory of a third country provided that CIFs, before commencing any activity, will take all necessary measures to ensure that they will comply with the relevant legal provisions of the third country.
  14. Cite error: The named reference tou was invoked but never defined (see the help page).
  15. "Financial Services Register 2013". Bank of England Financial Services Register. Jun 2013. Retrieved 8 July 2013.
  16. BaFin. "BaFin – Unternehmensdatenbank BaFin" (in Template:De icon). Portal.mvp.bafin.de. Retrieved 2013-08-17.{{cite web}}: CS1 maint: unrecognized language (link)
  17. "Consob". Consob.it. Retrieved 2013-08-17.
  18. "Fiche agent financier – REGAFI – Registre des agents financiers". Regafi.fr. Retrieved 2013-08-17.
  19. "CNMV – Empresas de servicios de inversión extranjeras en libre prestación". Cnmv.es. 2013-01-24. Retrieved 2013-08-17.
  20. "Cypriot Investment Firm offering cross-border services to Member States". CySEC. Retrieved Aug 11, 2013.
  21. "Binary Options Trading Online with Banc De Binary". Archived from the original on 2013-08-17. Retrieved 2013-08-17.
  22. http://www.spotoption.com/binaryoptions/what-are-binary-options/
  23. http://www.spotoption.com/brands/
  24. "Binary Option". investopedia.com. Retrieved Aug 11, 2013.
  25. "60 Second Binary Option Trading Strategy". Nancy Eleutheriou. Retrieved Aug 11, 2013.
  26. "One-Touch Option". investopedia.com. Retrieved Aug 11, 2013.
  27. "bBinary.com Whois Record". Archived from the original on 2013-10-29. Retrieved 2013-10-29. Registrant Name: Jak Giveon Registrant Organization: Banc De Binary {{cite web}}: line feed character in |quote= at position 28 (help)
  28. "WHOIS Results for bancdebinary.com". Archived from the original on 2013-11-20. Retrieved 2013-11-20. Tech Name: Oren Shabat Cohen Tech Organization: Banc De Binary Ltd {{cite web}}: line feed character in |quote= at position 29 (help)
  29. "Whois bancdebinary.net". Archived from the original on 2013-12-04. Retrieved 2013-12-04. Admin Email: email@bbinary.com
  30. "BancDebinaRy.org Whois Record". Archived from the original on 2013-12-04. Retrieved 2013-12-04. Registrant Organization:Banc De Binary
  31. http://bdb-partners.com/
  32. "bBinary.asia Whois Record". Archived from the original on 2013-10-29. Retrieved 2013-10-29. Registrant Organization: Banc De Binary
  33. "WHOIS search". Archived from the original on 2013-12-04. Retrieved 2013-12-04. Organisation Banc De Binary
  34. "BinaryOptions.fm Whois Record". Archived from the original on 2013-12-04. Retrieved 2013-12-04. Organisation: Banc De Binary
  35. "WHOIS search". Archived from the original on 2013-12-04. Retrieved 2013-12-04. Organisation Cronon AG Professional IT-Services
  36. "JEFX AWARD 2013 Winners". Jordan Forex Expo and Award 13. Retrieved Aug 11, 2013.
  37. "FOREX industry celebrates the JFEX 2013 awards winners". ICN.com. Retrieved Aug 11, 2013.
  38. "Forex Traders". ForexTraders.com. Retrieved Mar 1, 2013.
  39. "Banc De Binary World Finance 100 Profile". World Finance 100. Retrieved Aug 11, 2013.
  40. "FXEmpire". FXEmpire. Retrieved Jan 1, 2013.
  41. ^ "Binary Options Daily". BinaryOptionsDaily.com. Retrieved Jan 1, 2013.
Categories: