Banc de binary closing down. This famous binary options broker started in 2009, based in Israel. This broker quickly grew in popularity and brand. But now this broker which is well known world wide is no longer taking new clients. This definitely comes as shocking news to traders all over. Now the news is especially troubling to South Africa traders many trader with Banc de binary. So the closure process has begun and clients are been refunded. So doe not seem like financial reasons for closure... What is it then? Well read on further as we explain.
Why is Banc de binary closing down ?
So this broker has had a plethora of reviews positive and negative, the same can be said for trader experiences.. However the negative press seems to have superseded the positives and that has triggered the closure process. Also when BOTSA did a review we had no issue. However searching around seems like there are certainly a fair amount of disgruntled traders out there. All this negative press and banc de binary scam tags was a huge knock to the brokers reputation and business. Together with high pressure from the regulatory boards. The owners decided on Banc de binary closing down.
Regulatory Pressure leading to Banc de binary closing down
So this binary options broker started business back in 2009 and took the world of online trading by storm. Having a sponsorship deal with English premier league giants Liverpool FC invoked trust and popularity. However in September 2016 Southampton FC pulled out of a sponsorship deal without disclosing much.
Furthermore in the beginning of 2016 CySEC had fined the broker 350,000 EUROS. Not much later US regulatory CFTC issued them with a fine of $11,000,000. Insane amount of money, cause they were illegally targeting US traders. Since then guess it was only a matter of time. They seem to have lost the point and the fines showed that.
So to Conclude Banc de binary closing down
In conclusion its a shame that such a famous brand is shutting down, but most of all after the numerous negative press, fines and bad trader experiences guess this was coming. Now I'm sure just like me you questioning the whole binary options industry. But there are legitimate ways to do this. How ever, as traders we have to also smarten up. Don't be fooled like sheep by adverts about making tons of money in a month and such. Assess yourself and trading skills. Don't invest real funds first open a demo get a feel if its for you, and if you can actually trade profitably.