Banc de Binary is Closing Down. End of a Scam?


FPA Forums and Reviews Admin
Banc de Binary is Closing Down
End of a Scam?

One of the oldest and biggest binary scam sites is closing down. There was already an announcement on FInance Magnates, but I was waiting for confirmation. Now I have confirmation of Banc de Binary's impending closure from 2 separate reliable sources, so I'm letting all FPA members know about this. The story is still developing, More information will be posted as it comes out.

I also do not know if this is just a rebranding or if the owners are taking all the money they've extracted from clients over the years and are retiring. I've already seen evidence posted at the FPA linking Banc de Binary to Option.FM and have seen undocumented claims linking them to other sites.

I do know that the huge amount of negative publicity that the criminal actions of Banc de Binary have brought on themselves is shrinking their pool of potential victims. I'm proud that the FPA has been warning people against this company for many years.

Years before the CFTC and SEC announced that BDB's claimed Wall Street address was just a virtual office, active FPA members had exposed this fact. Hundreds of victims have told their stories of deliberate actions by BDB employees to maximize deposits and then blow the accounts. Banc de Binary noticed this and tried to make this information disappear. BDB's CEO even threatened me with a lawsuit against the FPA to try to hide facts about what his employees had done to clients. In early 2013, there was a hacking incident and someone tried remove every FPA page about Banc de Binary from Google. I can't prove Banc de Binary did this, but I don't see why any other company who could afford to finance such an attack would have picked those specific pages.

BDB claims they will be returning all funds to clients. So far, no word if this includes funds where they guided traders to throw away money on hedged trades to generate trade volume, trades where BDB account managers either placed or guided clients into suicidal trades, etc.

For those who have had their money taken, now is not the time to give up. Unlike many tiny offshore brokers which can disappear, Banc de Binary is very large and regulators in many countries have gathered large amounts of information on the company and its bank accounts. Now is the time to fight back and fight hard. Report your issue to Cysec, the Cyprus Financial Ombudsman, and to your own government's regulators. File reports with the ISA of Israel and with File a report with your local police and ask for them to escalate it to InterPol. Get in touch with your local press. Banc de Binary is about to walk away. Don't let them walk away with your money,

Depending on how, when, and how much you paid, there are currently two major choices for fund recovery. WinChargeback has been successful in helping FPA members get their money back from credit card and some bank wires. Giambrone Law currently has a class action lawsuit against Banc de Binary.

I'd like to give a very special thanks to Simona Weinglass of the Times of Israel. Her work to expose the crimes committed by the binary options industry undoubtedly accelerated the end of Banc de Binary. She is a true hero in the war against scam.

I'd also like to thank all FPA members who reported issues with Bank de Binary as well as those who took their time to offer advice.


FPA Forums and Reviews Admin
Links Inside the FPA About Banc de Binary

There are so many. I'll be editing this post and adding more over time. For now, I'll start out with a few.

Help Recovering Funds...

WinChargeback's fund recovery service

Giambrone Law's class action lawsuit

Regulatory Actions...

Federal Court rules on CFTC and SEC charges against Banc de Binary

Notable Complaint Threads...

Financial Abuse from BDB Escalates to Sexual Harassment

Option.FM employee with BDB email signature

BDB tries not to pay Cyprus Financial Onbudsman decision, then tries to blackmail client into hiding facts and accepting less

Many more links to be added later.



Let's just hope they all end up in jail before they have a chance to have plastic surgery and buy new identities.

There's so much to say about this, but I think it's better put my current mood on the subject to music:




Good work FPA one down and many to go. This mob along with their cohort " The Drexel Code" almost drove me insane calling me trying to get access to my money.


1st Lieutenant
Simona Weinglass is incredible!! Hopefully they don't re-brand themselves and move to Hong Kong like Finpari did. I think Ireland and Hong Kong are the next locations for these companies.
My hat is off to everyone at the FPA and the members who outed them, great work!!


Mann.... I am so glad that they are finally caught...i hv been a victim too...i tried to complain to cysec but they ask for complaint no. in their form and i did not have that so couldn't proceed with the complaint ... i have lost a total of $12800...and it was about August when i lost these funds there any possibility of recovery now or its too late ?

FPA Forums Team Note: Please get your own thread opened in the Scam Alerts folder. Share the details of exactly what happened to you.


My sincere appreciation to you all who are working behind the scenes to expose the scammers. I have lost a lot of money to scammers and currently still battling to be consistently profitable in binary options...


Private, 1st Class
That's awesome news!!
After all, there is justice in this world , being one of their victims through their subsidiary Option FM , I hope to be able to recover my funds , together with all other victims :)