Problem Banc de Binary Mega Scam

[ruseneca]

I mean this company been continuously fined……its getting really ridiculous

CYSEC really needs to rethink the possibility of license suspention for the reason that company's staff must be licensed to manage clients' funds. From what we read here, it is clear that the so-called "brokers" tell the client what to do. This is a practice everywhere and it is valid for 95% of binary options companies. All over the world, managing client funds must be regulated and safeguarded by a local authority, if not regulated, the person operates illegaly.

 

[Pertti]

CYSEC really needs to rethink the possibility of license suspention for the reason that company's staff must be licensed to manage clients' funds. From what we read here, it is clear that the so-called "brokers" tell the client what to do. This is a practice everywhere and it is valid for 95% of binary options companies. All over the world, managing client funds must be regulated and safeguarded by a local authority, if not regulated, the person operates illegaly.

Their managing in fact means stealing clients money. This must be a gigantic violation against terms of license.

 

[Pharaoh]

I'm still waiting for the official press release from the CFTC and SEC on how that fine and disgorgement are supposed to work.

 

[wildwaterz]

Hi AnneW,

Like many others, I have had a bad experience with BDB in September 2015. As of today, I am still in resolution mode, with a lawyer involved.

Definitely go for a charge back! It took my credit card companies about 7 weeks to open the case, at which point, the merchant had 45 days to contest my charge back procedure. Fortunately for me, I had done 2 transactions, so there were 2 merchants that needed to contest the charge back. On January 11th, only 1 of the merchant contested (meaning the other transaction got cancelled by my credit card company, so I won that one). I "lost" the other transaction since the only evidence I provided was the skype conversation I had.

Finally, following a recommendation from @Pharaoh, I got in touch with @Rebecca and she has been more than helpful so far. We are still going through procedures right now but I can vouch for her commitment and dedication to make things right.

Here is a link to my thread, explaining a bit more detail about my story.
https://www.forexpeacearmy.com/comm...-banc-de-binary-bdb-scam-system-victim.42166/

By the way, here is a follow up to my case... Yesterday I won my case (after months of procedures), thanks to @Rebecca who built a stronger case for my 2nd charge back attempt. I highly recommend her services to anyone, and I remain available to answer any of your questions or doubts you might have regarding her services. She remained available and constantly asked me for updates on the case. The funds were transferred back to my credit card yesterday as well. Tomorrow I will be wiring her fees through my bank, as promised in our contract (that I pay her only if I win).

 

[AnneW]

All the investors in HK, be aware that this company had been on the alert list as unlicensed entity in HK.

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In addition to Angel ren's posting for HK, this is what I've notified the regulatory authorities in Malaysia in relation to the following:

Please note that Banc de Binary has been put on the Alert List by the Securities & Futures Commission of Hong Kong on 28 Nov 2014, at http://www.sfc.hk/web/EN/alertlist/b.html, as
they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors.

The Australian Securities & Investments Commission (ASIC) has put Banc de Binary on their scam watch list in May 2015 at https://www.moneysmart.gov.au/scams/companiesyoushouldnotdealwith/
unlicensedcompanieslist/b/bancdebinaryltdbdbservicesltd.

The Financial Markets Authority in New Zealand has also followed suit with ASIC and issued a warning against dealing with Banc de Binary in January 2016 at http://fma.govt.nz/news/warningsandalerts/azlistofallfmawarnings/#B.

The Ontario Securities Commission in Canada placed Banc de Binary on its warning list in October 2012, and the
Autorité des marchés financiers (the “AMF”) in Quebec, Canada placed Banc de
Binary on its warning list in August 2013 as well https://www.lautorite.qc.ca/en/pressreleases2013corpo.html_2013_cautionbancdebinary.html.

Both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) respectively filed law suits against Banc de Binary in June 2013, charging it with violating U.S. law by soliciting U.S. citizens and operating as an unregistered Futures Commission Merchant (FCM) see
https://www.sec.gov/News/PressRelease/Detail/PressRelease/1365171575220 and
http://www.cftc.gov/PressRoom/PressReleases/660213.


Banc de Binary has recently settled its case with the SEC and CFTC for USD$11 million. See
https://leaprate.com/2016/02/bancdebinaryreaches11millionsettlementwithusauthoritieswsj/

Banc de Binary's licensor and regulator, being the Cyprus Securities and Exchange Commission (CySEC) requires that in order for Banc de Binary to provide services to a third country outside of the EU, the regulator in the country where Banc de Binary is providing services has to officially allow them to provide services to the residents there, or provide them with an exemption in writing for the same. The Circulars issued by CySEC in relation to this matter are (1) Circular C096 (following CI144-2013-22A) to CIFs - Services and Activities in a third country, and (2) Circular CI144-2013-22A to CIFs - services and investment in a third country.​

The IOSCO Org Investor Alert website also sets out the following alerts against Banc de Binary at http://www.iosco.org/investor_protection/?subsection=investor_alerts_portal (Quebec, Canada 8 August 2013; and the U.S 17 August 2011); http://www.iosco.org/investor_protection/?subsection=investor_alerts_portal (Australia 6 May 2015) and http://www.iosco.org/investor_protection/?subsection=investor_alerts_portal (Ontario, Canada 15 October 2012).​

 

[k1zz100]

Any news from you? I asked them many times my unique reference number for my complaint so I can report to CySEC, I still do not have it. What to do?

 

[Pete Murphy]

Hi all on this forum

Sorry never realy use a forum before this my be a bit long.


Well as you can see I'm anther happy customer of Banc de binary after being swindle out of a total of £76500 my whole life saving.

At this point reading through the forum I can see I’m not the only one in this boat. The latest swindle for me has been over this last week. The swindle of £5500. The call from Chris Stavrou recover program manager as told, sorry to hear how the others, "them being Daniel Lloyd, Andrew Potter sorry I do believe we should name these people” have handle your account I am here to sort thing out to recover your account back to your investment of £71000.

I need you to invest more money £5000, he kept calling me until I agreed to invest at which point I said I could invest £2500, I went on line logged in had trouble making the investment spoke to Chris but then said, are the money has gone through, At which point he put it though again and removed anther £2500 from my account. Then enter Andy Stevens Account Manager “sorry through I was dealing with account manager” At this point talked me in to anther £500 to go on the VIP Platform. {latter on hay I'm all ready on the VIP platform}

Now all this going on all at once two manager talking to me a mile a minute I didn’t know if I was coming or going I was confused, stress out, frustrated and in that time they preyed on me.

The phone call before I invested stated that the investment was safe, they wouldn’t use the investment only the bones and any profit made that 72 hours after my investment was made I could remove my investment. {I have that bit in writing email from chris}
Well you can gust at what happened the investment was use even when I said there is only £4700 in the account I was told to shut up do as I was Told there is no way these are going to lose, I was force into the trades and out of 5 trade I lost 4 how no money left.

Ok long story cut short more to come. Today I have sent Banc de Binary an email asking for my £5500 to be returned to my bank account, I have given them 3 days grease in order to sort it out.
“how we all know the outcome of that I will let you know”
At the end of the 3 days I will ask the bank to send a chargeback on that money, I will contact the UK police fraud squad, the Cyprus police fraud squad and the Cyprus financial Ombudsman.

Thanks for your time in reading this I will let you all know the Banc de Binary response,

We know they are a good upstanding company and will sort this out by Monday and I can give you all the great report.

Thanks Pete

 

[Pete Murphy]

Good on you for telling them that! I think that all of us who have been scammed should be writing to Liverpool fc officially, as well as to standard chartered who I see from the Liverpool fc website is the main corporate sponsor. One of the credit cards I was scammed out of was a standard chartered card, so I shall be escalating this to them as well. So please everyone, let's start writing to Liverpool fc and standard chartered as well to bring this up to light!

Hi AnneW

pete here was just reading your post, yes I'm in the same boat scammed out of a lot of money by Banc de Binary. I see from your post out liverpool fc and Standard Chartered being the sponsor. Have you wrte to them if so any good news from that I think it would be a good Idea just not shore of what or how to go about doing a letter to them. any good hints or ideas as to how to go about such letter. Or is there now a letter that we can get people to sign there names to.

What banc de binary do is wrong they scammed me out of evey thing, would be nice to here from you on this

Thanks Pete.

 

[Pete Murphy]

Hello all and BDB

OK new to the forum I have already sort of put two post on to the forum today.

I am still just at the start of my fight with BDB, but it is clear at what is a head. I’m not going to bore you all with the story but yes scammed by BDB over the last year this week being the last time.

So I’m in the UK would be grateful for any help or advice that can be given, spent the last 2 hours on this forum and it doesn’t look great in any way,

I have emailed my account manager over there mist promises made and told to shut up and do as I tell you. This by Chris Stavrou. I have put my complaint to Chris Stavrou to pass to the right person to deal with this so BDB have my account number. I have given them 3 day well 5 if you give the weekend as well to contact me and return the last lot of money they have scammed from me. We all know the outcome of that email.

Well I have nothing to lose now as they have taken everything I have, so now the time to go after them. I came across this forum and many others but will try and stay here and use this forum to keep people up dated on their scam.

Thanks Pete

 

[Pete Murphy]

Hi all

There is one thing I see on the forum from BDB that they are active on this site, they ask for your account number to help sort things out. But at the end of their post if they were such a good company you would think they would put a direct link in for you to go to the right department or for a direct contact.

Pete