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Banc De Binary

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

Banc De Binary is a 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 a certain price will go up or down in a specific time period.

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

The firm was founded 2009.

An article in the Independent on Sunday newspaper described it as a "leading City trading firm".

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 authorised 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.

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 company, Spotoption, and customised 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 other binary options brokers. 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.

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

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.

References

  1. "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.
  2. http://www.goldnews.com.cy/en/financial-services/banc-de-binary--changing-the-face-of-online-trading
  3. "Regulators Sue Prediction Site, Allege Illegal Options". Wall Street Journal. Archived from the original on 2013-11-15. Retrieved 11 June 2013.
  4. 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.
  5. "Blue-chip dividends tipped to soar". The Independent. 2013-01-20. Retrieved 2013-11-11.
  6. "Cyprus Securities and Exchange Commission". Cysec.gov.cy. Retrieved 2013-08-17.
  7. "Banc De Binary is first Binary Options Broker in EU". Financial Mirror. Retrieved Aug 11, 2013.
  8. "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
  9. "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.
  10. "Terms of Use". 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. {{cite web}}: line feed character in |quote= at position 161 (help)
  11. "Financial Services Register 2013". Bank of England Financial Services Register. Jun 2013. Retrieved 8 July 2013.
  12. BaFin. "BaFin – Unternehmensdatenbank BaFin" (in Template:De icon). Portal.mvp.bafin.de. Retrieved 2013-08-17.{{cite web}}: CS1 maint: unrecognized language (link)
  13. "Fiche agent financier – REGAFI – Registre des agents financiers". Regafi.fr. Retrieved 2013-08-17.
  14. "CNMV – Empresas de servicios de inversión extranjeras en libre prestación". Cnmv.es. 2013-01-24. Retrieved 2013-08-17.
  15. http://www.spotoption.com/binaryoptions/what-are-binary-options/
  16. http://www.spotoption.com/brands/
  17. "Binary Option". investopedia.com. Retrieved Aug 11, 2013.
  18. "60 Second Binary Option Trading Strategy". Nancy Eleutheriou. Retrieved Aug 11, 2013.
  19. "One-Touch Option". investopedia.com. Retrieved Aug 11, 2013.
  20. "JEFX AWARD 2013 Winners". Jordan Forex Expo and Award 13. Retrieved Aug 11, 2013.
  21. "FOREX industry celebrates the JFEX 2013 awards winners". ICN.com. Retrieved Aug 11, 2013.
  22. "Forex Traders". ForexTraders.com. Retrieved Mar 1, 2013.
  23. "Banc De Binary World Finance 100 Profile". World Finance 100. Retrieved Aug 11, 2013.
  24. "FXEmpire". FXEmpire. Retrieved Jan 1, 2013.
  25. ^ "Binary Options Daily". BinaryOptionsDaily.com. Retrieved Jan 1, 2013.
  26. "Binary Options Trading Online with Banc De Binary". Archived from the original on 2013-08-17. Retrieved 2013-08-17.
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