The regulator of financial markets, the CySEC, based on the Mediterranean island of Cyprus, whose principal mission is to regulate and supervise the financial industry and binary options brokers at the European level, informs investors that during one of its recent meetings, the decision was taken to impose an administrative fine of $10,000 on the company Banc de Binary Ltd (which owns the brand and the Banc de Binary binary options broker). The CySEC Committee has voted on this decision to impose a financial sanction since an infraction of Article 139 (2) of the 2007 “Investment Services and Activities and Regulated Markets” Act was observed with the Banc de Binary binary options broker. It appears that the CySEC financial regulator reproaches Banc de Binary Ltd for having concealed the existence of close ties between this company and another separate company when the broker applied for a CySEC license in August 2012 almost two years ago.
In order to determine the amount of the administrative fine that was recently imposed on the Banc de Binary broker, the CySEC has taken the following elements into consideration:
– The validity of the information provided at the Committee by individuals or other legal entities in this case.
– The articles 139 and 141 of the 2007 (“Investment Services and Activities and Regulated Markets”) Act adopted by the Committee, which limits the amount of the administrative fine to a maximum of $350,000.
– A first mitigation factor of the sanction by the acceptance of the company that the latter is guilty of misconduct.
– A second attenuation factor of the sanction by the fact that the accused company did not commit a similar violation in the past.
This action on behalf of the Cyprus regulator of financial markets is not the first of its kind against the binary options broker Banc de Binary since the latter has already been subject to more or less similar sanctions. For example, we can take the complaint against Banc de Binary on behalf of the CFTC, the U.S. financial regulator that made ??a complaint in June 2013 a year ago against the broker for illegally practicing as an intermediary in the financial markets, which then led the regulator to seek a total ban against the Banc de Binary broker in the United States and impose a large fine designed to punish this broker for its fraudulent behavior.
The reputation of Banc de Binary is not only spoiled by the repressive actions of regulators against this broker, but also by the numerous negative testimonies of traders that can be found online. Many traders who have opened a trading account with this broker are experiencing continuing challenges; the withdrawal of earnings is often impossible with this broker. Banc de Binary is frequently connected to binary options scams, hence traders do not recommend this broker and neither do we. Certain harsh criticism towards Banc de Binary urges us to advise you to refer to our page for the “best binary options brokers” that have been carefully selected by the BonusBinaryOptions.net team amongst the brokers with the best reputation.
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