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Banc de Binary have ceased all operations. Please visit our recommended brokers page.

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The Commodities Futures Trading Commission and Securities and Exchange Commission (CFTC and SEC respectively) have both filed lawsuits against Banc De Binary, an offshore binary options broker which offered its services to US customers as well as customers around the globe. Banc De Binary has a strong reputation worldwide, but was not registered with the CFTC. Lately the CFTC has been cracking down on binary options brokers. In November, the regulatory agency took action against a company called Intratrade, which has ceased all business activity since March.

What was the CFTC’s complaint concerning Banc De Binary? According to the allegation, the problem involved Banc De Binary offering customers in the USA options contracts on currencies, stock indices, and commodities. While many binary options brokers offer USA customers the choice to trade stocks and stock indices, most steer entirely clear of allowing USA customers to trade futures or commodities. Why? It has to do with this stipulation in the CFTC’s legal codes for trading in America:

“It is against the law to solicit U.S. persons to buy and sell commodity options, even if they are called ‘prediction’ contracts, unless they are listed for trading and traded on a CFTC-registered exchange or unless legally exempt.”

If this sounds confusing, you are not alone in not understanding it. Many brokers find it so confusing that they completely refuse to accept customers from the USA so as not to become embroiled in some kind of legal dispute like the one which Banc De Binary is facing right now.

Find a binary options broker that accepts USA Traders here

The most logical way to read the statement above seems to be as follows: It is illegal for an offshore broker to offer USA customers the choice to buy or sell commodity contracts unless the broker is registered with the CFTC. “Commodity contracts” would seem to include currencies and commodities, though it appears now that it includes stock indices as well. As of this point it is still unclear whether or not stocks themselves are considered to be part of “commodity contracts” by the CFTC. Regardless, Banc De Binary was not registered with the CFTC—just as the vast majority of binary options brokers are not.

Speaking on the lawsuit, CFTC Enforcement Director David Meister said, “If a company wants to offer U.S. persons the opportunity to buy and sell predictions on the direction of commodity prices, the company must play by the rules or suffer the consequences.” The CFTC is demanding fines as well as an injunction against the broker so that Banc De Binary will be unable to offer its services to USA customers in the future.

According to Banc De Binary, the broker’s offices are located in the United States, and the company is registered as a private bank, operating under applicable US laws. No further comment was offered by either the CFTC or Banc De Binary concerning this private bank status. Banc De Binary has yet to release further comment on the entire matter, so at this point, traders are still awaiting clarifications regarding the status of company in the USA.

Should you avoid trading with Banc De Binary, in light of recent events? At this point issues are far too confused to clearly determine what has happened. If you are located in the USA, you will need to move your account to another broker. If you are located in another country, this news should not directly affect your account, though it may call your trust into question. It is worth pointing out however that the CFTC has become somewhat paranoid about retail trading activity over the past few years, and has gone after numerous brokers, both Forex and binary options brokers.

According to a recent investor alert by the SEC, the growth of binary options trading online has been accompanied by a surge in consumer-submitted fraud complaints. This is not surprising in light of the fact that many binary options brokers are not legitimate. “Investors should be aware of the potential for fraud in this area as well as of the reality that they can lose their entire investment,” stated Lori Schock, head of the SEC’s Office of Investor Education and Advocacy.

There is indeed potential for fraud in this area, but that does not make Banc De Binary a company that would steal your money. While they do appear to have made a mistake in dealing with regulations in the USA, this does not necessarily mean they are ultimately untrustworthy to patrons elsewhere in the world. We recommend that you stay tuned for more news and updates pertaining to these events before you decide to take your business elsewhere. These regulations are quite complex, as are the many forces motivating the CFTC and SEC to take action against brokers like Banc De Binary.

Banc De Binary has many positive reviews online, (Check out OUR review) has uploaded numerous resources and trading tools for customers, and offers a demo account so that new traders have a chance to test their strategies without losing money. They appear to offer a much better product than the vast majority of their competitors, and have far more personal customer service. We will let you know as soon as they release a statement about the CFTC/SEC lawsuit or more information comes to light from the CFTC or another source.


10 Comments » for CFTC Sues Banc De Binary
  1. Dominic says:

    Banc de binary stole everything I have. How do I take them on to recover my money??? They are a lying, cheating, thieving organization!!!!

    • Paul says:

      We were also duped by BDB, lost a lot of money because of their constant lies and scams!! we would love to get them back through a lawsuit !!

  2. Mike says:

    While I have only lost a paltry USD250, I have learnt a lesson here. BdB (using the OptionRobot platform) are nothing more than modern-day criminals and thieves.
    1) Their "Demo" automatic account wins 86% of the time, yet when trading my own funds on the automatic trading platform, trades are less than 20% successful.
    2) I performed significant back testing on many trades, over many different time periods and at different times of the day, with many different filters. When it came to trading my own funds, the win/loose ratio dropped to less than 20%.
    3) I have attempted to close my account of 4 occasions now, and have the balance of funds transferred back into my account; all to no avail, and no response from their offices
    4) My account has now been suspended as it lacked "verification". I originally refused to forward a copy of my credit card that I made payment from, asking why it was originally necessary. No response from them, but they were happy to debit my card for USD250.

    Keep far away people. This company is BAD news!!

  3. Lynn Austin says:

    Two international law firms, Giambrone Law and Healys LLP, have filed a class action lawsuit agains LBinary and NRGBinary. Case was filed on April 1, 2016 in a London, UK court. Might be worth it to check with them to see if they would be interested in a class action lawsuit against Banc de Binary. Blanc de Binary should be put out of business for all the clients they have defrauded. The CySec I believe has fined them several times too.

  4. Edgar Johnson says:

    Is there a claim against Spotfn Binary trade or Allianz Tiriac Insurance Co., that claims to retrieve the monies .lost in Spotfn. I have lost $65,000 lost in Spotfn and have spent $14,000 to Allianz to no avail….thanks

  5. Marc Levinson says:

    I am also interested in finding out if there is a class action suit against BDB. They misrepresented themselves and their success of trades to me and we were taken for a fair amount of money. Because they are located in Cyprus we appear to have no way to do this on our own, but if there was a conglomerate of people looking to sue them I would like to be included in it. If you know of any please advise.

    Their business model appears to be something to the effect of investors bet against the house so if you do it on your own your better off. If they provide you with a ‘so-called’ financial advisor who says they do all the research and provide you with best possible outcomes what they are really doing is wanting you to bet their way so they can control the cash flow. They appear to make money only when you lose money not the other way around like they have explained. When they wanted us to win we did, but when they wanted to us lose it was big losses. We should have known and gotten out sooner, but we didn’t. The stories I could tell of a 2-3 week dealings with them would have some gobsmacked as to how these guys can get away with operating in the financial sector.

  6. Fred says:

    I’m also interested in joining a class action suit against them. If you find any others, please let me know.

    Also, I’m a US citizen residing in Canada and was taken. This clearly states:

    “It is against the law to solicit U.S. persons to buy and sell commodity options, even if they are called ‘prediction’ contracts, unless they are listed for trading and traded on a CFTC-registered exchange or unless legally exempt.”

    So I may have found a loophole to pressure them into giving me at least some of my money back.

  7. James says:

    They are a scam. Liars and thiefs. Ciber crime at its best.

  8. Jerome Grant Johns says:

    I would like to know if a class action lawsuit has started against BDB. I had an account with them and I am interested in recovering my initial in vestment, I feel that they misrepresented themselves as being located on wall street in NY. City had I known that they were not a legally u.s. based company I would not have traded with them along with many other unsuspecting clients who lost all or most of their investments I would gladly join any class action litigation to recover my loses. please advise…

    Sincerely; Jerome Grant Johns

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