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Banc De Binary

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Banc De Binary
Company typePrivate
IndustryBinary Options
Founded2009
HeadquartersLimassol, London, Hong Kong
Key people
Oren Laurent, Company Founder; [1] </ref> Soteris Flourentzou, Director;[2] Pieris Hadjipieris, Director;[3] Sarah Fenwick, Director of Communications;[4] Roy Ogen, General Manager of the Cyprus Headquarters [5]
Websitewww.bancdebinary.com/

Banc De Binary is an Cypriot based financial enterprise specializing in binary options (also known as fixed return options or digital options) on assets including commodities, stocks, indices, and foreign exchange. The company operates an online trading website through which customers can buy or sell binary ("call" or "put") options, predicting whether the price of a certain asset will go up or down in a specific time period.

In finance, a binary option is a type of option where the payoff is either some fixed amount of some asset or nothing at all. The two main types of binary options are the cash-or-nothing binary option and the asset-or-nothing binary option. The cash-or-nothing binary option pays some fixed amount of cash if the option expires in-the-money while the asset-or-nothing pays the value of the underlying security. Thus, the options are binary in nature because there are only two possible outcomes. They are also called all-or-nothing options, digital options (more common in forex/interest rate markets), and fixed return options (FROs) (on the American Stock Exchange).[6] Binary options are usually European-style options.

Within the European Union, the company is regulated by the Cyprus Securities and Exchange Commission (CySEC).

CySEC[7] made the decision to recognized binary options as trading instruments in 2012 and enacted the first international regulation of binary options requiring licensees fulfill obligations that meet local and international law. At its genesis, Banc De Binary and the platform provider SpotOption were the first to become regulated by CySEC. Since then Banc De Binary has requested certification status from the FSA (Financial Services Authority- UK) and the FSB (Financial Services Board). Because of Cyprus’ member status in the European Union, Banc De Binary is also regulated by the ImFIB which carries some protections under the ICF (Investors Compensation Fund). This network of regulation allows Banc De Binary to operate in EU countries under the European Economic Arena Passport.

The Wall Street Journal described it as "an innovative website that allows people to trade on the price of gold, oil or stocks";[8]

Regulation

On the 7th of January 2013, Banc De Binary was licensed as an investment firm by the Cyprus Securities and Exchange Commission (CySEC).[9][10]

Investment firms regulated by CySEC must demonstrate to CySEC that their activities comply with the laws of any non-EU countries where they do business.[11][12] According to the company, its operations "outside of the European Union" are conducted by BDB Services Limited (formerly known as BO Systems Limited), which is incorporated in the Seychelles.[13]

The Financial Services Register maintained by the UK's Financial Conduct Authority states that from 25 February 2013 the company "is authorized or registered by ... [CySEC] ... and may be subject to limited regulation by the Financial Conduct Authority".[14] The company has similar licenses in Germany,[15] Italy,[16] France,[17] and Spain.[18] In accordance with the European Markets in Financial Instruments Directive (MiFID), the company has "passported" into almost all member states of the EEA; MiFID allows companies to provide financial services primarily regulated by their home state rather than the state where the customer resides.[19]

The company received a complaint by the US Federal Security and Exchange Commission filed on June 5, 2013 (Civil Action No. 2:13-CV-00993-RCJ-VCF), alleging that Banc de Binary had been offering and selling binary options to investors across the U.S. without first registering the securities as required under the federal securities laws. A request for deposition was made via the Nevada courts, yet to date no charges by the US Securities Commission were filed against the company or its staff.

In a message posted on its Web site,[20] the company stated that

[...] Banc De Binary is voluntarily discontinuing its operations in the United States. The United States Commodity Futures Trading Commission and Securities and Exchange Commission have asserted that Banc De Binary is not permitted to offer its binary option products to U.S. residents without registering with those agencies. We are currently in discussions with the CFTC and SEC about these issues, but in the interim, we have discontinued all business with U.S. residents.

Products and services

The company allows people to place predictions on changes in the price of various assets by using a pricing platform provided by another Israeli company, Spotoption, and customized by Banc de Binary. Customers do not own the asset but instead predict whether its price will rise or fall.[21] Spotoption also provide similar services for around 170 other binary options brokers.[22] Banc de Binary's role is to create accounts for customers as a reseller of Spotoption's services. The company offers several kinds of options; customers can make predictions of the price of over 200 global assets including commodities, stocks, indices, and FOREX using several variations of the trading platform including classic binary options,[23] long term options, sixty seconds,[24] one touch (boundary options),[25] and pairs trading.

Awards

  • 2013, Global Leadership and Excellence in Binary Option Trading, IAIR [26] [27] [28]
  • 2013, Gold Award for Best European Broker, Binary Options Leader (BOL) [26] [29]
  • 2013, Best Trading Platform, Binary Option Strategy [26] [30]
  • 2013, Best Binary Options Broker in the Middle East 2013, JFEX[26] [31][32]
  • 2013, Corporate Governance Award, World Finance Magazine[26]
  • 2012, Best Binary Options Customer Service, ForexTraders[26] [33]
  • 2012, World Finance 100, World Finance Magazine[26] [34]
  • 2012, Best Binary Options Platform in North America, World Finance Magazine[26]
  • 2012, Best Binary Options Platform in Asia, World Finance Magazine[26]
  • 2012, Most Secure Binary Broker, Moat & Bailey[26]
  • 2011, Best Customer Service, Forex News Now[26]
  • 2011, Best Customer Service, FX Empire[26] [35]
  • 2011, Broker of the Year, Binary Options Daily[26] [36]
  • 2011, Platform of the Year, Binary Options Daily[26] [36]

Images

home page, August 2013
home page, August 2013

See also

References

  1. ^ http://www.europeanceo.com/business-and-management/2013/01/the-next-generation-of-financier/
  2. ^ "Soteris Flourentzou profile | free company director check". Companydirectorcheck.com. Retrieved 2013-11-11.
  3. ^ "Pieris Hadjipieris profile | free company director check". Companydirectorcheck.com. Retrieved 2013-11-11.
  4. ^ "Banc De Binary tops 200,000 new client accounts". 2013-10-08. The communications team for Cyprus is led by Sarah Fenwick who is the company's Director of Communications.
  5. ^ http://www.goldnews.com.cy/en/financial-services/banc-de-binary--changing-the-face-of-online-trading
  6. ^ Binary Option Definition Investopedia. Retrieved 2013-06-30.
  7. ^ "Cyprus Securities and Exchange Commission". Cypus Securities and Exchange Commision.
  8. ^ "Regulators Sue Prediction Site, Allege Illegal Options". Wall Street Journal. Archived from the original on 2013-11-15. Retrieved 11 June 2013.
  9. ^ "Cyprus Securities and Exchange Commission". Cysec.gov.cy. Retrieved 2013-08-17.
  10. ^ "Banc De Binary is first Binary Options Broker in EU". Financial Mirror. Retrieved Aug 11, 2013.
  11. ^ "Get Out! CySEC Bans FX Firms From Accepting Non-EU Clientswork=Forex Magnates". Archived from the original on 2013-08-06. Retrieved 2013-10-16. [...] brokers which operate under the CySEC license [...] will no longer be able to solicit business [...] outside of the European Union, unless a potential client [...] who resides in a non-EU member state can provide written authorization from the domestic financial markets regulator in the nation which that person is resident [...]
  12. ^ "Freedom to provide investment and ancillary services and or perform investment activities in a third country" (PDF). Circular CI144-2013-22. Cyprus Securities and Exchange Commission. 2013-07-26. Archived from the original (PDF) on 2013-08-14. Retrieved 2013-11-11. The Commission allows, pursuant to section 79(4) of the Law, the provision of investment and ancillary services and/or the performance of investment services within the territory of a third country provided that CIFs, before commencing any activity, will take all necessary measures to ensure that they will comply with the relevant legal provisions of the third country.
  13. ^ Cite error: The named reference tou was invoked but never defined (see the help page).
  14. ^ "Financial Services Register 2013". Bank of England Financial Services Register. Jun 2013. Retrieved 8 July 2013.
  15. ^ BaFin. "BaFin – Unternehmensdatenbank BaFin" (in Template:De icon). Portal.mvp.bafin.de. Retrieved 2013-08-17.{{cite web}}: CS1 maint: unrecognized language (link)
  16. ^ "Consob". Consob.it. Retrieved 2013-08-17.
  17. ^ "Fiche agent financier – REGAFI – Registre des agents financiers". Regafi.fr. Retrieved 2013-08-17.
  18. ^ "CNMV – Empresas de servicios de inversión extranjeras en libre prestación". Cnmv.es. 2013-01-24. Retrieved 2013-08-17.
  19. ^ "Cypriot Investment Firm offering cross-border services to Member States". CySEC. Retrieved Aug 11, 2013.
  20. ^ "Binary Options Trading Online with Banc De Binary". Archived from the original on 2013-08-17. Retrieved 2013-08-17.
  21. ^ http://www.spotoption.com/binaryoptions/what-are-binary-options/
  22. ^ http://www.spotoption.com/brands/
  23. ^ "Binary Option". investopedia.com. Retrieved Aug 11, 2013.
  24. ^ "60 Second Binary Option Trading Strategy". Nancy Eleutheriou. Retrieved Aug 11, 2013.
  25. ^ "One-Touch Option". investopedia.com. Retrieved Aug 11, 2013.
  26. ^ a b c d e f g h i j k l m n "Banc de Binary awards". Banc de Binary. Retrieved 11 June 2013.
  27. ^ "Investing.com". Investing.com. Retrieved 1 March 2014.
  28. ^ "IAIR Awards". IAIR. Retrieved 1 March 2014.
  29. ^ "Binary Options Leader awards". Binary Options Leader. Retrieved 1 March 2014.
  30. ^ "Binary Options Strategy awards". Binary Options Strategy. Retrieved 11 June 2013.
  31. ^ "JEFX AWARD 2013 Winners". Jordan Forex Expo and Award 13. Retrieved Aug 11, 2013.
  32. ^ "FOREX industry celebrates the JFEX 2013 awards winners". ICN.com. Retrieved Aug 11, 2013.
  33. ^ "Forex Traders". ForexTraders.com. Retrieved Mar 1, 2013.
  34. ^ "Banc De Binary World Finance 100 Profile". World Finance 100. Retrieved Aug 11, 2013.
  35. ^ "FXEmpire". FXEmpire. Retrieved Jan 1, 2013.
  36. ^ a b "Binary Options Daily". BinaryOptionsDaily.com. Retrieved Jan 1, 2013.
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