French regulator AMF addresses clients of Banc de Binary

Maria Nikolova

AMF invites clients of the now defunct binary options platform to contact Banc de Binary and CySEC.

About two weeks have passed since the Cyprus Securities and Exchange Commission (the ‘CySEC’) announced the renouncement of the Cyprus Investment Firm (CIF) license of binary options platform Banc de Binary. Today, the French financial markets regulator AMF also turned its gaze to this particular company, addressing clients of Banc de Binary in a special announcement.

The French watchdog urges clients of to contact as soon as possible Banc de Binary Ltd, owner of the binary options website. The AMF provides the postal addresses of both the broker and the CySEC, and advises traders to send a mail to Banc de Binary and a copy of it to the Cypriot regulator. The mail should contain a request for account closure and money reimbursement, the French regulator notes.

The AMF has been actively working on fighting binary options fraud. It is regularly updating its “Blacklist” of unauthorized binary options websites, it also issues warnings and seeks to educate the public about the risks associated with this type of investment products. The French regulator has been instrumental in instigating changes in France’s laws, with the “Sapin 2” law which recently came into effect banning all sorts of advertising of risky financial products, including binary options. The move has affected sports sponsorships too, with French football clubs rushing to terminate deals with binary options brands. And yet, the efforts of regulators lack the strength to put a definitive end to binary options fraud.

The fight against binary options fraudsters is gathering speed at an international level. EUROPOL has gone after this kind of fraudulent scheme too. Given that EUROPOL is a law enforcement agency, which can prosecute the employees of binary options brokers too, chances are that the fight against illegal binary options providers will become more efficient.

Read this next

Digital Assets

Bloomberg, Hashdex expect SEC’s imminent approval of Bitcoin ETFs

Hashdex, an asset manager among the 13 contenders for launching a spot Bitcoin exchange-traded fund (ETF) in the United States, anticipates the debut of the first spot Bitcoin ETF by the second quarter of 2024, with a spot Ether ETF expected to follow.

Industry News

Witness the intensifying competition as UF AWARDS MEA 2024 nominations persist!

The countdown is on, with less than two weeks remaining to nominate outstanding brands for this prestigious event, culminating in the highly anticipated ceremony during iFX EXPO Dubai 2024 in January.

Retail FX

Saxo Bank’s FX volumes rise despite overall lackluster turnover

As many currency markets saw a relatively active period in November, Copenhagen-based Saxo Bank reported its monthly metrics, which showed a moderate rebound month-over-month.

Market News

S&P 500 Rally Faces Abrupt Halt: Analysts Assess Market Signals

The S&P 500, a benchmark index tracking the stock performance of 500 of the largest US companies, has ignited a flurry of discussions among financial analysts due to its recent performance.


TraderEvolution at FMLS:23: Andrew Saks on how brokers can go multi-asset

In an insightful interview with FinanceFeeds, Andrew Saks of TraderEvolution Global discussed the industry’s evolution towards multi-asset trading. He highlighted challenges in integrating diverse asset classes and the importance of API connectivity. Andrew also touched on emerging trends in options, futures, and fixed income, underscoring the need for adaptable trading technology in today’s dynamic market.

Market News

Powell’s Pivot Navigating the Dynamics of USD, Interest Rates, and Market Expectations

Federal Reserve Chair Powell has signalled a decisive end to the cycle of interest rate hikes for the USD.

Market News

Inflation Concerns, Policy Divergence, and Market Sentiments in the UK

Amidst the recent global revaluation of inflation, Megan Greene, a steadfast MPC member, advocates for a proactive stance. Addressing concerns in Leeds, she calls for an upward adjustment of the Bank of England’s policy rate, cautioning against the potential risks of a too-conservative approach. Greene questions the assumed restrictiveness in the current monetary stance, suggesting it might be less robust than perceived, especially in scenarios of persistent inflation.

Digital Assets

JPMorgan’s stablecoin ventures into interbank transactions

JPMorgan Chase & Co.’s proprietary digital token, JPM Coin, is set to expand its use case by facilitating interbank transactions on Partior, a blockchain ledger developed in collaboration with DBS Bank, Temasek, and Standard Chartered.

Retail FX

Interactive Brokers’ client base surges past 2.5 million

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.89 million daily average revenue trades, or DARTS, in November 2023 compared to 1.93 million transactions in the prior month. The figure is three percent lower on a yearly basis, and also dropped slightly from a month earlier.