The Banc de Binary broker has just received an additional fine from the CySEC regulator; the fine is due to the behavior and practices of Banc de Binary binary options broker. The already tainted image of the broker is not going to improve with this newly imposed fine. The credibility of the Banc de Binary broker declines again and raises doubts among traders regarding its seriousness.
The fine in the amount of 20,000€ imposed by the CySEC regulator (the regulator of the financial markets based in Cyprus) is due to a poor KYC (“know your customers”) policy with Banc de Binary. This KYC policy is intended to gain full knowledge of clients and generally requires that an audit of the trading account (via a request for personal documents to clients) is carried out, mainly in order to avoid money laundering. Because it does not appear that Banc de Binary complied with this policy, the CySEC decides to impose this fine so that the broker understands that its behavior must change.
This fine in the amount of $ 20,000 imposed by the financial authorities on the Banc de Binary broker once again taints its reputation. This is not the first time that the Banc de Binary broker comes face-to-faces with the financial regulators. The Banc de Binary broker has been in conflict with the US regulator CFTC and several fines have already been imposed such as the fine of 10,000€ imposed by the financial authorities of Cyprus (CySEC).
As a reader of our binary options blog, what you read regarding the Banc de Binary broker alarms you most certainly; you may then ask: “is Banc de Binary a good broker or not?”, “should we trust Banc de Binary?”. In answer to such questions, we will state that it is better to be cautious regarding Banc de Binary as several traders and visitors of our website have already experienced some problem with the Banc de Binary broker, such as difficulties withdrawing their money. Therefore, it is best to avoid this broker and opt for more serious brokers. Hence, we recommend binary options brokers that are regulated and authorized by European financial regulators.
Unlike the Banc de Binary broker which often draws attention to itself because of its fines and sometimes questionable practices that have been observed by some traders, there are other brokers with better reputation and whose image is not tarnished by fines and penalties that the financial market regulators can impose or by negative comments and feedback that can be posted by the traders on binary options forums.
These brokers that we consider to be serious are called “regulated binary options brokers“; these are binary options brokers that have received licenses from international financial regulators (such as the CySEC (Cyprus), the AMF (France), the BaFin (Germany), the CNMV (Spain), the CONSOB (Italy) or the FCA (United Kingdom). These licenses are synonymous with approval from local financial authorities and allow the broker to offer its trading services on a national scale. Among the most regulated binary options brokers, we can list 24Winner, TopOption or OptionTime; all three belong to the company “Safecap Investment Ltd.” that has obtained licenses from more than a dozen European financial regulators. It is this kind of reliable broker that traders should favor in order to be protected and to enjoy a positive trading experience via an authorized and recognized binary options platform.
Being a trader and reader of our website does not only keep you informed of the news of the binary option industry, but also allows you to benefit from non-negligible trading advantages. For example, when you become a trader with one of our partner brokers featured in our website, you can receive an exceptional and negotiated bonus on deposit. For instance, when opening an account with the broker 24Winner, TopOption or OptionTime through a link on our website, you receive a 100% bonus on deposit while these brokers generally offer their new traders respectively 40%, 0% and 25% bonus on deposit.
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