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

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<