Further to the recent announcement that our Binary Options
litigation team had confirmed a new partnership with a global
finance firm focused on litigation funding to finance the
increasing number of litigation cases relating to the forex and
binary option sectors, we have now received confirmation that Banc
De Binary will be closing its operations worldwide.
This news will send shockwaves across the industry as Banc de
Binary was one of the leading binary brokerages by its portfolio
size. As reported by a leading industry publication today, a
company official has explained that arrangements have been made to
stop accepting new customers.
A senior official at the CySEC-regulated binary options provider
has confirmed the news, explaining that the move was taken by the
firm's owners following the consistently negative press that
the company faced over the past year and the threat of global
litigation in various jurisdictions, for which Giambrone has been
at the forefront since last year.
Giambrone announced a class action against the European arm of
the company in late 2015 and we have liaised with the CFTC and
CySEC to raise several complaints on behalf of our investor
If you are the unfortunate victim of Banc de Binary or if
you are having problems in withdrawing your funds, this is where
life gets particularly difficult. Although Banc de Binary has
publicly stated that all client funds are being sent back to their
original source, there is a risk that it will leave little behind
after it disappears.
Time is of essence as the announcement may be the forerunner of
further bad news, including possibility insolvency filing by Banc
de Binary. We will continue monitoring the situation and
provide regular updates on our website to keep our clients
If you have been victim of Banc de Binary, or any similar
financial scams, feel free to call us and we will talk you through
the options and help you start the process of recovering your
money. Alternatively, please contact our Client Relations
Team to arrange a discussion with a lawyer in the Binary Options
Litigation team. Our international lawyers are able to provide
assistance in English, French, Spanish, German, Arabic and
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The Financial Conduct Authority FCA has published the interim feedback to the call for input to the post-implementation review of the FCA's crowdfunding rules (FS16/13) (the Interim Feedback Report)...
On 11 October 2016 the FRC published its advice to audit committee chairs and finance directors of listed companies, highlighting key issues and improvements it considers can be made to annual reports in the 2016 reporting season.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).