As pressure mounts on unregulated and improperly regulated binary options firms from well documented public outcry, we learned over the weekend that Premier League squad Southampton FC has backed out of a recently signed marketing deal with binary broker Banc de Binary.
Banc de Binary in the past has been fined upwards of $11m from the U.S. CFTC for soliciting American customers and allowing them to trade illegally.
A Sunday Times investigation into the practice of binary options firms led to unsurprising news that many Britons end up losing thousands from betting on binary options contracts from detracting sales tactics. The main issue being still the proliferation of unregulated and scam operators giving false impressions. Banc de Binary however is one of the few regulated brokers (by CySEC in Cyprus) in the binary options space.
Earlier this month LeapRate reported that some of the leading regulated online trading and platform companies in Europe, from both the Retail Forex and Binary Options industries, are actively working on forming a new industry association to set standards and represent the sector’s interests.
An interesting twist to this story is Banc de Binary is one of the founding organizers of this group looking to be named the European Brokers Association (or EUBOA).