Cypriot regulator reaches €300,000 settlement with Banc de Binary

Maria Nikolova

A settlement has been reached with the Banc De Binary Ltd for possible violations of The Investment Services and Activities and Regulated Markets Law of 2007.

The Cyprus Securities and Exchange Commission (CySEC) today announced a EUR 300,000 settlement with binary options firm Banc de Binary over securities law violations.

A settlement has been reached with the Banc De Binary Ltd for possible violations of The Investment Services and Activities and Regulated Markets Law of 2007 and of the Directives issued thereof. More specifically, the settlement reached relates to the assessment of the firm’s compliance, at the time it was authorised, with:

  • 1. Section 6(8) of L. 144(Ι)/2007 relating to its CIF authorisation.
  • 2. Section 28(1) of L. 144(Ι)/2007, according to which a Cyprus Investment Firm (CIF)
  • must, at all times, comply with the conditions under which an authorisation was granted as laid down in Part III of L. 144(Ι)/2007 and in particular, with the conditions laid down in section 18(2), paragraphs (a), (f) and (j), of L. 144(Ι)/2007 and in paragraphs 4, 13 ,14 and 18 of Directive DI 144-2007-01 of 2012.
  • 3. Section 34 of L. 144(Ι)/2007 relating to the change in CIF information and details.
  • 4. Sections 36(1), 36(1)(a), 36(1)(b) and 36(1)(d) of L. 144(Ι)/2007 and paragraphs 6, 8-12, 15 and 16 of Directive DI 144-2007-02 of 2012 relating to the conduct of business obligations when providing investment and ancillary services to clients.
  • 5. Section 38(1) of L. 144(Ι)/2007 and paragraph 23 of Directive DI 144-2007-02 of 2012 relating to the obligation to execute orders on terms most favorable to the client.
  • 6. Article 139 of L. 144(Ι)/2007 regarding the obligation to ensure the correctness, completeness and accuracy of the information submitted to CySEC.

The company has paid the amount of €300,000.

Let’s recall that, in January 2017, the Cypriot regulator announced the renouncement of the authorization of Banc de Binary.

“The Cyprus Securities and Exchange Commission (the ‘CySEC’) announces that, on 9th January 2017, the Cyprus Investment Firm Banc De Binary Ltd (the ‘Company’) renounced its authorization pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007 (the ‘Law’).

As stated in the renouncement letter of the Company, which provided investment services via the domain eu.bancdebinary.com, its authorization with Νumber 188/13 lapses as from 15th of January 2017.

It is noted that, in accordance with section 25(4) of the Law, Banc De Binary Ltd remains under the supervision of the CySEC until it settles its obligations arising from the investment services or/and activities that will lapse”.

Read this next

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

Digital Assets

Big Time Generates over $100M in Revenue since Preseason

Innovative game developer Big Time Studios announces that its highly anticipated free-to-play multiplayer action/MMO RPG Big Time, has generated $100M in revenue. According to the team, players transacted a total volume of over $230M, without selling a single token.

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

“The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

<