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Today we are going to review one of the most popular binary options brokers, Banc De Binary and this is going to be really interesting for various reasons. This platform had a charismatic appeal. Its binary options entertained more than 180 assets and the platform had been the top-choice in over 80 countries…
Banc De Binary emerged as a global brand and it invaded the industry and remained prominent for a long time before it finally decided to close its doors for new traders and finally shut down after dealing with prolonged issues with regulatory authorities in different countries.
Thought, the platform is no more available for the traders, we still want to review this platform just to see how good it had been and what brought it down to the disappointing end. Banc De Binary scam speculations are also interesting but are they reliable? We will see but first, we are going to have a bird’s eye view on the company’s history.
We have took an in-depth look into Banc De Binary & as a result this review will likely become quite lengthy – so to make things easier for you, our reader, we have put together some quick navigation links below. You can use these links to jump straight to the specific information that you came here looking for.
- Banc De Binary Background
- Is Banc De Binary Regulated?
- Banc De Binary Complaints
- Banc De Binary Withdrawal
- Is Banc De Binary a Scam?
- Our Verdict on Banc De Binary
- Scammed By Banc De Binary?
- A Legitimate (And Better) Way To Make Money
Banc De Binary Background
Largely controlled by the Israeli companies, Banc De Binary Ltd. was established in Jan. 2009, in Cyprus. The platform was operated by BDB Services Ltd, BO Systems Ltd., and ET Binary Options Ltd. Oren Shabat Laurent owned 50% of the company’s shares. He also had a huge share in all three companies mentioned above.
Banc De Binary fought hard before finally having to drop the curtains. It all started with the legal issues and ultimately led to the closure. Most of the experts are of the view that the rising number of serious complaints against the company was the major factor to bring the company down.
Is Banc De Binary Regulated?
Yes, Banc De Binary was regulated by CySEC and registered FCA (UK) and AML (France). Remember, being regulated is different from getting registered. In this case, any complaints against the company shall address CySEC which regulated Banc De Binary.
We called it an interesting review because we are looking at a highly promising broker, regulated by the concerned authority in Cyprus, and registered with a couple of highly credible authorities, only to know that it closed its operations because of legal complexities.
When beginning with a review, we want that broker to be regulated. Most of them are not regulated and we get disappointed. Traders still invest money through those brokers until the platform vanishes.
Here, we are looking at something different. Banc De Binary was fined by CySEC on various occasions and for different reasons. The nature of charges included misleading advertisement, unfair policies for bonuses, solicitation of the U.S residents, misleading the regulatory authority, and the provision of unapproved services.
The company continued to serve after paying heavy fines. The ultimate slap on the company’s face was a huge fine of $11 million (2016). The fine was imposed by CySEC but the complaint was initiated by CFTC (US).
Marketing strategies mostly dig the pitfall for a company that is trying to attract clients from different countries. Upselling often becomes a curse because the chances of violating the regional laws become evident.
Banc De Binary Complaints
Upselling caused problems for Banc De Binary. The company’s reps tried to motivate their clients to make further deposits and invest big. These pieces of advice kept pushing the traders deeper into trouble. The company was regulated so the clients submitted their complaints to CySEC who took strict actions by fining the company frequently.
Banc De Binary Withdrawal
Banc De Binary stopped facilitating withdrawals from 5th March 2017. As it was regulated, so it could not disappear like unregulated brokers. So a prior announcement was uploaded on the website that asked the brokers to withdraw their funds before the closing date. So that was a good thing because it everyone was duly informed and the traders got their funds back.
The trading accounts served with the option “Withdrawal” through which a trader could initiate the process. The processed took up to five working days. The traders were updated via an email. Credit/Debit Card and Wire Transfer were a couple of modes for the withdrawal of funds which Banc De Binary offered.
Is Banc De Binary a Scam?
Banc De Binary was NOT a scam. The company closed its doors just after facing unending disputes and ever-increasing fines. It started off well, earned reputation, but then wrong marketing strategies reversed everything that was on its track. The company’s representatives, during the last few days before the company was shut down, talked about the harsh treatment from the regulatory authorities. They called it “wild-west” that is not ready to let a transparent entity work any more.
Our Verdict on Banc De Binary
It was a case of mishandling the marketing tactics. We think that the legal advisors failed to make the best moves at the right time. They simply let things happen without taking anything seriously until a huge $11 million fine was imposed in 2016. We really feel sorry for such a promising platform that had shut down for sheer negligence at the part of its promotional team as well as the legal advisory. Nobody took the regulatory authorities seriously. Nobody was ready to comply with the regulations. Even though the broker successfully attracted traders from more than 80 countries, minor mistakes led to huge consequences and eventually inflicted the tragic end.
Scammed By Banc De Binary?
Do you feel that you were scammed by Banc De Binary? There have been many complaints from customers who believe that they were misled into depositing through various fake 3rd party auto-trading systems… Maybe you too feel you are in the same boat?
Well the good news is that you have landed in the right place as we have put a together a free money reclaim guide which shows you exactly how you can get your money back from binary options scams.
To date the guide has helped thousands of people to successfully reclaim their lost funds, and if you have lost money to Banc De Binary then we know that it can also help you too.
A Legitimate (And Better) Way To Make Money
The truth is that here at Stopping Scammers we don’t like binary options trading, not even with the most legitimate of brokers – because we’ve never seen anybody manage to make sustainable profits from it.
In fact to be honest, we believe binary options trading itself is actually a scam because the odds are massively stacked against traders, and it seems to be only the brokers that end up making money.
But don’t worry, because there are indeed several legitimate & very good ways you can make money instead. We’ve come across many legitimate opportunities whilst carrying out our investigations but there has been 1 in particular that has stood out from all of the rest. As a result we have crowned it our number 1 recommendation for working from home.
You can get access to our number 1 recommendation by clicking the link below: