ARTICLE
23 August 2017

The "Banc de Binary Restition Fund" Institution

BI
Boccadutri International Law Firm

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Boccadutri is an Italian law firm that specialises in assisting international clients with legal matters in Italy. We are able to serve our clients in their native language and also have offices located across the globe that allow clients to meet our lawyers without having to travel to Italy.Our international offices are located in Palermo, Milan, Rome, London, Barcelona, New York, Bucharest, Krakow, Rosario, Istanbul, Sydney and Rio de Janeiro. We are also well placed in Italy to attend court hearings and other local matters with our offices in Milan (North) and Palermo (South).Boccadutri specialises in a wide range of Italian matters such as personal injury, real estate, civil law, forex, and administrative and criminal litigation matters. All our expert lawyers are fully qualified and specialists in their respective fields.
The United States Court has designated the NFA (National Futures Association) as the association that monitors and protects American investors.
United States Corporate/Commercial Law

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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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