Unprofessional Conduct Discussion - Banc de Binary

Pharaoh

Colonel
Messages
19,927
This guy is some sort of psycho. He can't decide if he's an investment scammer or a romance scammer. My guess is that if his history was investigated, he might turn our to be a true jack of all scams.

I wonder if Cysec regulations even considered the possibility of the existence of a scumbag like this. My vote is to send links to the video to Cysec and ask.

Is this the article you were looking for?

http://www.timesofisrael.com/the-wolves-of-tel-aviv-israels-vast-amoral-binary-options-scam-exposed/
 

Aussie Scammed

Corporal
Messages
89
That's one of the links, thanks Pharaoh

I have emailed CySEC legal department. Banc De Binary complaints department gave me an invalid Unique Reference Number so I've had to go the long way about it. No reply from CySEC as yet.
 

sillyme

Recruit
Messages
4
Last trades. Lost the lot.


Hate myself.
Don't be too hard on yourself they are a slick outfit. I was totally convinced by the lies told to me. My manager gave so many assurances that at the VIP level all positions were insured so that the daily outcomes I was looking at after his trade positions were placed didn't matter as "he had my funds covered". The complaints dept officer told me that I should be pretty happy with 41% wins as "it takes time to build up to profits". The other 49% of trades was responsible for losing 250k of funds. I am working with my bank as these people are SCAM.
 

sillyme

Recruit
Messages
4
That's one of the links, thanks Pharaoh

I have emailed CySEC legal department. Banc De Binary complaints department gave me an invalid Unique Reference Number so I've had to go the long way about it. No reply from CySEC as yet.
I was informed by a complaints officer that the Banc De Binary regulator is IFCS Belize rather that CYSEC. Looking into a complaint to them but have been unable to get a complaint reference number from them as yet.
 

AnneW

Master Sergeant
Messages
314
I was informed by a complaints officer that the Banc De Binary regulator is IFCS Belize rather that CYSEC. Looking into a complaint to them but have been unable to get a complaint reference number from them as yet.

That is absolute rubbish! They are trying to fob all of us non-EU customers off to IFSC Belize as they are not regulated by IFCS, and are only licensed by them, and so cannot impose fines and penalties on them. Keep writing to IFCS though to raise the fact that they are licensing a scam company!

BDB promotes itself as a CySEC regulated company to all non-EU customers when they first approach everyone non-EU as well. The Director of the IFCS emailed back and told me to complain to CySEC as BDB is REGULATED by CySEC, including for non-EU customers! BDB has refused to provide the complaint reference number to non-EU customers in breach of CySEC regulation.

This is clearly in breach of the directive from CySEC as BDB is required to obtain both consent from CySEC as well as the regulatory authority from the third country that they want to provide services to before they are allowed to approach any customers in a third country. So BDB has been operating against CySEC regulations! See circular C096, stating clearly that the CIF is not allowed to run services in any third country without the certificate of the authorities of the third country.

Here's the link to Circular C096 for anyone who needs it:
http://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=091ce5eb-5b7c-4a0c-878c-1cd7b65dd4aa

In summary: CIFs may provide/perform investment services/activities in the territories of third countries only when they are authorised to do so by CySEC and the respective competent authorities of the third countries, where applicable. In the absence of such authorisation, CIFs must not start providing/performing investment services/activities in the territories of such third countries. CIFs must also bear in mind that, in some jurisdictions, the solicitation of business and/or the promotion of services may be considered as provision/performance of investment services/activities.
 

AnneW

Master Sergeant
Messages
314
If you go to the IFSC website at http://www.ifsc.gov.bz/about-ifsc/, it tells you the following:

The Commission relies on self-regulation, meaning that while government sets overall standards, it expects much of the actual work in terms of monitoring and compliance to be done by the industry itself.
The Commission has recently issued licensing regulations to license all international financial services providers. The licensing process is designed to ensure that only ‘fit and proper persons’ are allowed to provide, carry on or transact international financial services in or from within Belize. The application fee is US$500.00 while the annual license fee is US$2,500.00. In addition, the Commission is developing a statutory Code of Conduct for international financial services providers, to ensure compliance with internationally-accepted best practices by all services providers.
Belize is an active member of the Caribbean Financial Action Task Force (CFATF) and subscribes to its core principles to eradicate money laundering and to foster stability in the global financial system. Belize has also made a commitment at the political level to adhere to the objectives of the U.N. Offshore Forum on Money Laundering.

The IFSC basically allows companies like BDB to incorporate as a "financial services corporation" in Belize, but doesn't oversee their shoddy practices due to the "self-regulation".

You can write to the Director General to complain about BDB at director@ifsc.gov.bz
 

Pharaoh

Colonel
Messages
19,927
Make sure to let Cysec and the Cyprus Financial Ombudsman know about this attempt by BDB to evade their responsibilities under Cysec. It's also a good idea to go ahead and let the IFSC know all the details of how BDB treated you.
 
Top