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