Banc de Binary Restition Fund
The United States Court has designated the NFA
(National Futures Association) as the association that monitors and
protects American investors.
It is to manage the "Banc de Binary Restitution
Fund", a fund aimed at the distribution of money to
investors (from the United States), that they have invested in the
exchange platform of binary options
"Banc de Binary". This company closed
its doors in the early months of 2017.
The NFA has pointed out that it will be a long process for which the reception of reimbursements will not be immediate, even if the creation of the fund means good news per se for those that have lost their own money by investing in Banc de Binary.
How we arrived at the closing of Banc de Binary
Banc de Binary binary options company
operatiional on the market since 2009, had to close its doors in
2017 after leaving in its wake a long list of complaints from
dissatisfied clients.
A collapsed empire because of its opaque conduct. Even having had
the privilege of sponsoring two illustrious football teams,
Southampton and Liverpool, Banc de Binary ended up
revoking sponsorship because of the clients' complaints.
In January 2016, CySEC, Cyprus's supervisory and regulatory
authority, had forced the business to pay €350,000 for
misleading marketing and absence of information on the risks to
clients. Already in February an additional fine of 11 million
dollars was added, inflicted by SEC, the US
supervisory authority, and from CFTC, and agency
that regulates the market of futures in the USA.
Actually within the United States Banc de Binary gave the worst of itself, with an insistent and pressing marketing, boasting about supposed headquarters that in reality they did not have, and violating the continual orders of the CFTC, which had, in vain, asked the company not to negotiate in binary options in United States territory. On the 4th January 2017, the CySEC licence for Banc de Binary was revoked.
For a business that boasted about its licences and therefore authorisation to operate, on the part of CySEC, of the Italian Consob and of all the other authorities, this was the beginning of the end.
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