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 eu.bancdebinary.com 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

Bybit Unleashes Zero-Fee Revolution in P2P Crypto Trading

Bybit, the world’s third biggest crypto exchange by volume, has launched a zero-fee policy for its P2P trading, removing all transaction costs for buyers and sellers. This pioneering approach allows global traders to enhance their savings and profits without extra charges.

Fintech

ANZ deploys CobaltFX’s Dynamic Credit platform

“This new approach to credit management has helped eliminate carve-outs as well as reduce credit usage while improving our market access. This capability benefits our customers, counterparties, and the bank.”

Industry News

FINRA fines M1 Finance $850,000 for misleading ‘finfluencer’ activities

“As investors increasingly use social media to inform their financial decisions, FINRA’s rules on communicating with the public are especially critical. FINRA will continue to consider whether firms are using practices and maintaining supervisory systems that are reasonably designed to address the risks related to social media influencer programs.”

Institutional FX

Eurex launches a new first: STOXX Semiconductor 30 Index Futures

“Recent global uncertainties have prompted nations to prioritize the secure production and distribution of semiconductors. Consequently, our STOXX Semiconductor 30 Index Futures are reflecting the growing appetite for semiconductors as a new investment theme. We are seeing a noticeable demand from Asia in particular, as Taiwanese companies are well represented in the index.”

Fintech

Finalto doubles down on APAC region with oneZero curated liquidity from Tokyo

“We are excited to announce the expanded relationship with oneZero not only by using their Institutional Hub as a key component in our technology stack, but now by adding the Equinix TY3 data center to the LD4 and NY3 data centers. This exemplifies our dedication to providing our customers with cutting-edge technology options in accessing our wide liquidity and product offerings via a seamless trading experience.”

Retail FX

From Backtesting to Arbitrage: Practical Applications of AI in the World of Retail Trading

In this article, the industry leaders delve into the transformative role of AI in trading.

Digital Assets

FTX claim value soars to 92%, creditor sued for reneging on $58M deal

Attestor Capital, a London-based investment firm holding significant FTX bankruptcy claims, has initiated legal action against a Panamanian company called Lemma Technologies.

Digital Assets

OKX to remove Tether trading pairs ahead of MiCA

OKX, the world’s fourth-largest cryptocurrency exchange by trading volume, is discontinuing support for tether (USDT) trading pairs in the European Economic Area (EEA).

Digital Assets

Changpeng Zhao is back with new project post-Binance era

Changpeng Zhao, the founder and former CEO of Binance, hinted at a new educational project on Monday.

<