The Cyprus Securities and Exchange Commission (CySEC) announced that the binary options broker and Cyprus investment firm Banc De Binary Ltd (BDB) has just renounced its authorization.
As stated in the renouncement letter of the Company, its authorization with Number 188/13 lapses as from January 15, 2017.
It is noted that Banc De Binary Ltd remains under the supervision of the CySEC until it settles its obligations arising from the investment services or/and activities that will lapse.
This isn’t the first recent run-in Banc de Binary has had with regulators. Or, the only negative PR surrounding the company.
In October, Banc de Binary’s license was revoked by Belize regulator IFSC.
In September, English Premier League football club Southampton FC backed out of the company’s sponsorship, signed just a few days prior, following negative press in the UK.
Banc de Binary also received a fairly hefty CySEC fine a year ago. Last February, they paid another $11 million penalty in the US for doing business illegally with US clients.
LeapRate believes that rumors of Banc De Binary shutting down are incorrect and premature. Rather, they are scaling down and are going to operate as an unregulated broker, focusing mainly on Far East markets.