Banc de Binary - The Scam of all Scams (and blackmails client)

[Pertti]

My Case is: I opened account at Banc de Binary August 2014. I did not want to invest a lot but I was stupid enough to listen to Chris Johnson and his false promises. Finally a whopping 191k was there but I did not worry because I thought my money is safe there and I can withdraw when I want. In the bank like they said.

Almost all my trades were signals given by Chris Johnson. He pushed me many times to make bigger trades than I wanted (even 10k) and lied about trades coming from their best man Alexis Williams. He did this because he knew I would make his trades only 1k which is minimum by VIP accounts. He knew I make bigger trades if they are from Williams.

The accuracy of trades in very long run is far below 50% which IMO is impossible unless done on purpose. He also pushed me to take loan from the bank and even from my brother. I did not do that.

I was also offered so called recovery program. Of course I should invest first but luckily I did not have any more and I had realised that everything they say is a lie. They are robbing even their big clients empty and have no limits how low they can go.

I have made a complaint to Cysec but have heard nothing from there. I also made complaint to Financial Ombudsman of Cyprus last month but it takes at least 6 months before they look at it. According to their web site they have a license in Finland and they should be working under rules of Financial Ombudsman of Finland too.

How can they have a license?

Btw I have heard from reliable sources that regulated brokers are NOT allowed to give signals to their clients. However they are doing this all the time

Is there anything I can do with this? I appreciate any help

 

[Pharaoh]

Go ahead and complain to the authorities in Finland.

Also, ask your bank and local police about where you can file an online financial fraud complaint in your country.

In addition, you cna upload all your evidence to eConsumer.gov

 

[oscarra]

Btw I have heard from reliable sources that regulated brokers are NOT allowed to give signals to their clients. However they are doing this all the time

To give or to sell ? the company may be legal to give advise, third party’s selling signals or managing you account may be illegal……you really need to make sure, as Pharaoh mentioned your local
Regulator/Ombudsman must be able to provide sufficient information, it’s like been cold called, victim’s often forget this, in many country’s it’s a criminal offence .

If filled properly, showing illegal behavior of the firm, Cysec will not be able to throw you complaint
Into the basket, six months……that’s nothing. On your regulator pages, they also provide a local

ESMA information phone number.

Questions concerning ESMA: Ville Kajala, tel. +358 10 831 5226

 

[Pertti]

I would call lying and cheating illegal. How about pushing to take loan from relatives and not to tell where the money goes.

They are not giving advice but signals.

 

[honeybee1]

Hi,

if you read the Cyprus ombudsman law closely the six-month timeframe is not the period after which they start "to look at it" but the timeframe in which they must decide and for a formal proceeding this is rather fast.

Please, also make sure that you have complied with each and every word they give in the instructions for individual claimants: Can you really prove (!!!) that they have received (!!Fedex or DHL-Receipt!!) something like a statement of claim from you and that they either turned your claim down by an official (!!!) response -(not an email from one of their "Brokers" and not over the phone)- but something being signed by a person who has the authority to represent them legally? If not start repeat this process.

You are right there is a CySEC-annoucement against the offering of bonuses.

Please, also familiarize yourself and the institutions in your country if you want to go this way and if they have a Finish licence as well, with the matter SEC vs. Bank De Binary in front of Fed. Dis. Ct. in Nevada. (You should be able to find a lot of filings on this on Google.)

good luck lz

 

[keysha]

My Case is: I opened account at Banc de Binary August 2014. I did not want to invest a lot but I was stupid enough to listen to Chris Johnson and his false promises. Finally a whopping 191k was there but I did not worry because I thought my money is safe there and I can withdraw when I want. In the bank like they said.

Almost all my trades were signals given by Chris Johnson. He pushed me many times to make bigger trades than I wanted (even 10k) and lied about trades coming from their best man Alexis Williams. He did this because he knew I would make his trades only 1k which is minimum by VIP accounts. He knew I make bigger trades if they are from Williams.

The accuracy of trades in very long run is far below 50% which IMO is impossible unless done on purpose. He also pushed me to take loan from the bank and even from my brother. I did not do that.

I was also offered so called recovery program. Of course I should invest first but luckily I did not have any more and I had realised that everything they say is a lie. They are robbing even their big clients empty and have no limits how low they can go.

I have made a complaint to Cysec but have heard nothing from there. I also made complaint to Financial Ombudsman of Cyprus last month but it takes at least 6 months before they look at it. According to their web site they have a license in Finland and they should be working under rules of Financial Ombudsman of Finland too.

How can they have a license?

Btw I have heard from reliable sources that regulated brokers are NOT allowed to give signals to their clients. However they are doing this all the time

Is there anything I can do with this? I appreciate any help

 

[Recoverlosses]

I would call lying and cheating illegal. How about pushing to take loan from relatives and not to tell where the money goes.

They are not giving advice but signals.

Please note that under Cysec rules "regulated" companies may not trade for you as they do not have any licensed brokers. This is one of the ways that they scam you and lose your money and then they hide it from Cysec. If any of their brokers traded for you this needs to be reported to Cysec. EZTrader also routinely does this. There is no such animal as a good binary broker that is an oxymoron, they are ALL there to take as much money from you as they can and return as little or nothing if possible. We have proof of a high up employee of a binary company talking about how the whole industry is built on lies.

It is time for those of us who have been victimized to stand up and say no more! It is time to make these con artists pay.

 

[Pertti]

Please note that under Cysec rules "regulated" companies may not trade for you as they do not have any licensed brokers. This is one of the ways that they scam you and lose your money and then they hide it from Cysec. If any of their brokers traded for you this needs to be reported to Cysec. EZTrader also routinely does this. There is no such animal as a good binary broker that is an oxymoron, they are ALL there to take as much money from you as they can and return as little or nothing if possible. We have proof of a high up employee of a binary company talking about how the whole industry is built on lies.

It is time for those of us who have been victimized to stand up and say no more! It is time to make these con artists pay.

I traded myself based on their SIGNALS. I have heard from very reliable sources that they are NOT allowed to give signals and I have reported this to Cysec. What about pushing to take loan from relatives and not to tell where the money goes? What about all lying and cheating which can be proved?

Financial Ombudsman of Finland did not want to believe this. It is bad that they can do nothing except to push Cyprus authorities to do their job. Banc de Binary has made an announcement of providing financial services in Finland. They dont have any office here and this means they are under control of Cysec. They must follow certain minimum standards including MIFID which they are certainly not doing now. In Finland they would pay back every cent and after that lose their license.

Btw I know where they really work and it is not Cyprus.

 

[Wenryan]

Hi,

if you read the Cyprus ombudsman law closely the six-month timeframe is not the period after which they start "to look at it" but the timeframe in which they must decide and for a formal proceeding this is rather fast.

Please, also make sure that you have complied with each and every word they give in the instructions for individual claimants: Can you really prove (!!!) that they have received (!!Fedex or DHL-Receipt!!) something like a statement of claim from you and that they either turned your claim down by an official (!!!) response -(not an email from one of their "Brokers" and not over the phone)- but something being signed by a person who has the authority to represent them legally? If not start repeat this process.

You are right there is a CySEC-annoucement against the offering of bonuses.

Please, also familiarize yourself and the institutions in your country if you want to go this way and if they have a Finish licence as well, with the matter SEC vs. Bank De Binary in front of Fed. Dis. Ct. in Nevada. (You should be able to find a lot of filings on this on Google.)

good luck lz

Is it very tedious & difficult to report to Cyprus ombudsman law? Will they assist on foreigners?

 

[Pharaoh]

They are supposed to assist any clients of Cysec regulated companies, the same as the UK FOS helps all clients of FCA regulated firms.

I know an easy way to make sure they won't help you. Just don't file the report.

Or, take a chance. Email them and ask what they need (besides a 20 euro filing fee)