BANC DE BINARY SCANDAL: FILE A CIVIL CLAIM NOW!
Banc de Binary, one of the biggest global providers of online trading in binary options renounced its authorisation Furthermore, the company was a sponsor of Liverpool FC offering to the club £1.5 million. The company provided its services via the domain eu.bancdebinary.com. Basically, the public could create an online account and trade binary options through the aforementioned website.
The Israeli-owned and Cyprus registered company is accused of urging ordinary people to make high risk investments without assuring if they are able to assess the potential risks. The headquarters of the company is in Germasoyia, Limassol. In the beginning, the company was operating in the Republic of Cyprus without authorisation. It is remarkable, that Banc de Binary has never warned the public that binary options trading is a high-risk investment as the trades are live and it is possible to lose an initial investment. …show more content…
Moreover, there is no disclaimer on the website eu.bancdebinary.com. According to the Cyprus and foreign press, the target-group of the company were vulnerable investors who could not evaluate the risk of binary options trading. Specifically, Banc de Binary is accused of allowing investors to make high risk transactions, thereby losing their money.
Binary options trading involves betting on whether individual shares, indexes, currencies or other securities will go up or down in a specific period of time. However, the time for the option to ‘’mature’’ is more or less one minute. Many individuals have filed a complaint against Banc de Binary, claiming that after setting up an account on the website eu.bancdebinary.com an advisor from Banc de Binary called them and told them that s/he can help them to increase their profits. It is obvious that there is a clear conflict of interests. In binary options trading if the investor wins the company will lose. Given that the advisor was an employee of Banc de Binary it is more probable that s/he was serving the interests of the company instead of the interests of the client. As a result, 8 out of 10 investors lost their life-time savings, as well as, movable and immovable assets within five months. Moreover, only 3% of the investors increased their profits. A lot of people, claimed that they lost thousands of euro within a couple of days. A striking example is the story of a 50-years-old man who claimed that he lost almost €15.000 within a couple of days. Reuters, highlights that the companies in the binary options industry are accused of transferring money between accounts without clients’ consent and in some cases of preventing investors from withdrawing funds. In this point, it should be underlined that Banc de Binary, as a Cyprus registered company could provide its services to the UK without being regulated by the British Gambling Commission or the Financial Conduct Authority, due to a considerable gap in the EU regulations concerning this issues. The issue is that the Banc de Binary has been authorised by the Cyprus Securities and Exchange Commission (CySEC) …show more content…
In other words, the company is obliged to settle its obligations towards the people to whom it provided its services. However, an individual defrauded by Banc de Binary cannot get his/her money or other assets back without filing a civil claim in Cyprus. In this point, it should be clarified that you will not get your money back without filing a civil claim. Therefore, a professional legal support is
Banc de Binary, one of the biggest global providers of online trading in binary options renounced its authorisation Furthermore, the company was a sponsor of Liverpool FC offering to the club £1.5 million. The company provided its services via the domain eu.bancdebinary.com. Basically, the public could create an online account and trade binary options through the aforementioned website.
The Israeli-owned and Cyprus registered company is accused of urging ordinary people to make high risk investments without assuring if they are able to assess the potential risks. The headquarters of the company is in Germasoyia, Limassol. In the beginning, the company was operating in the Republic of Cyprus without authorisation. It is remarkable, that Banc de Binary has never warned the public that binary options trading is a high-risk investment as the trades are live and it is possible to lose an initial investment. …show more content…
Moreover, there is no disclaimer on the website eu.bancdebinary.com. According to the Cyprus and foreign press, the target-group of the company were vulnerable investors who could not evaluate the risk of binary options trading. Specifically, Banc de Binary is accused of allowing investors to make high risk transactions, thereby losing their money.
Binary options trading involves betting on whether individual shares, indexes, currencies or other securities will go up or down in a specific period of time. However, the time for the option to ‘’mature’’ is more or less one minute. Many individuals have filed a complaint against Banc de Binary, claiming that after setting up an account on the website eu.bancdebinary.com an advisor from Banc de Binary called them and told them that s/he can help them to increase their profits. It is obvious that there is a clear conflict of interests. In binary options trading if the investor wins the company will lose. Given that the advisor was an employee of Banc de Binary it is more probable that s/he was serving the interests of the company instead of the interests of the client. As a result, 8 out of 10 investors lost their life-time savings, as well as, movable and immovable assets within five months. Moreover, only 3% of the investors increased their profits. A lot of people, claimed that they lost thousands of euro within a couple of days. A striking example is the story of a 50-years-old man who claimed that he lost almost €15.000 within a couple of days. Reuters, highlights that the companies in the binary options industry are accused of transferring money between accounts without clients’ consent and in some cases of preventing investors from withdrawing funds. In this point, it should be underlined that Banc de Binary, as a Cyprus registered company could provide its services to the UK without being regulated by the British Gambling Commission or the Financial Conduct Authority, due to a considerable gap in the EU regulations concerning this issues. The issue is that the Banc de Binary has been authorised by the Cyprus Securities and Exchange Commission (CySEC) …show more content…
In other words, the company is obliged to settle its obligations towards the people to whom it provided its services. However, an individual defrauded by Banc de Binary cannot get his/her money or other assets back without filing a civil claim in Cyprus. In this point, it should be clarified that you will not get your money back without filing a civil claim. Therefore, a professional legal support is