Binary Options “brokers” often use various sporting partnerships to attract more leads. This time it is about the Banc de Binary Southampton FC sponsorship, but it is not a new sponsorship deal but a cancelled deal.
19 September, AtoZForex – Let’s be straight forward, despite contionous PR and various attempts by different bucket shops Binary Options is not really a financial product. It is most definitely qualified as a gambling, casino product.
Indeed it is due to these many binary options bucket shops the FX industry is also in danger. The more negative public opinion there is against these Binary Options brokers the more regulators and marketing agencies do. This time, the news came from Premier League. Banc de Binary Southampton FC Sponsorship agreement is cancelled.
Banc de Binary is a dubious binary player, probably the most fined “broker” ever. In Cyprus they are known for hiring people with no personal feelings and making them call normal people and pump up greed in them to deposit. In short if you are able to call, force your point of contact to deposit via different methods and reach your sales targets you will do good in Banc de Binary and get paid nice commission on other people’s losses.
Indeed, it is no surprise that Banc de Binary is one of the most often fined brokers in Europe. With a record breaking $11m fine from the U.S. CFTC for soliciting US citizens and allowing them to trade illegally Banc de Binary has been subject to major public criticism.
Banc de Binary and other binary options brokers know that in times of crisis people look into alternative opportunities to make money. Thus, they use various psychological pressure sales techniques to get innocent people deposit with them. These people end up losing all their money.
Due to these pliable sales techniques some of the EU countries have started to ban Binary and CFDs trading overall. As AtoZForex reported Belgium CFDs ban was the most notable one. As, Belgium banned CFDs and Binary trading some of the brokers got together to set up an association called European Brokers Association (or EUBOA).
An ironic part of this story is that Banc de Binary is one of the primary initiators of this union of brokers “fighting” against regulators and authorities.
Gentlemen, why don’t you fight against incompliant sales first?
In our next article we will look into some of the FCA and CySEC authorized brokers using completely misleading media banners and sales calls outside the EU.