Will Banc de Binary shut down its operations? Industry media reports claim that one of the biggest binary options brokerages is closing down the doors. Has the news been confirmed by the broker?
10 January, AtoZForex – Banc de Binary, the leading binary options trading provider, as the firm calls itself, is reportedly shutting down its operations. According to media reports, one of the largest global providers is leaving the Binary Options industry. Is it true what the online sources have reported?
Will Banc de Binary shut down?
Online reports claim that a high-level official at the Banc de Binary confirmed the news. The person has explained that such decision was taken by the owners of the firm. Company’s authorities decided on shutting down the operations due to the amount of negative press around the company, according to reports. Moreover, the official from Banc de Binary stated:
“It’s become the wild west in the past few months. It is just not worth the tarnished reputation. I don’t see how we can continue operating under such scrutiny and public image.”
Moreover, reports say that the broker official from the firm stated that all preparations to stop accepting new clients took place. As the media reports claim, the broker official also commented:
“All client funds are being sent back to their original source. We’re just waiting for the official announcement from the board to begin the process. They are literally about to kill a five hundred million dollar company, but even worse – the icon of the binary options industry.”
AtoZForex side of the story
Following the media reports about the finish of Banc de Binary operations, I have reached out to the broker multiple times. When asked to transfer my call to someone from Marketing/PR/Compliance departments, the operators refused to connect me with the departments.
Also, the operators could not confirm any of the reported news. Instead, they informed me that "very soon" more information about the alleged shut down will be announced on the website of Banc de Binary. We will update you as soon as we will be able to get any official information from the company.
Giambrone prepares a litigation against Banc de Binary
Earlier in March 2016, US authorities ordered Banc de Binary Ltd., ET Binary Options Ltd., BO Systems Ltd., BDB Services Ltd. and its owner Oren Shabat Laurent to compensate $9 million to the US-based.
Now, at the start of the new year, it is likely that Banc de Binary faces new lawsuit. Giambrone, the law firm with the main office in London, is preparing a class action against Banc de Binary.
Stay tuned, we will update you on the matter as soon as we get the official information from Banc de Binary!
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