Banc de Binary Ltd renounces its authorization

Press release

Banc de Binary Ltd renounces its authorization. The FSMA invites clients to contact the aforementioned company as soon as possible.

The CySEC, the Cyprus financial regulator, announced that Banc de Binary Ltd, an investment firm regulated in Cyprus that offers investment services via the website, decided to renounce its authorization for commercial reasons effective 15 January 2017.

The Financial Services and Markets Authority (FSMA) invites clients of the platform to contact Banc de Binary Ltd, the owner of the aforementioned site, as soon as possible given that the firm's authorization has now lapsed.

The Cyprus regulator specified on 11 January 2017 that the said firm is nonetheless required to honour its obligations.

It must, in particular:

  • close all its clients' positions;
  • settle, within three months, all its obligations arising from the investment services and/or activities which it has terminated;
  • publish on all its websites, at the appropriate places, that it has renounced its authorization;
  • inform all existing clients of the procedure for closing their open positions and withdrawing their funds.

Banc de Binary Ltd remains under the supervision of the CySEC until all its obligations have been settled.

Under these conditions, the FSMA recommends that clients who opened an account with this platform write without delay to Banc de Binary Ltd by registered letter and acknowledgement of receipt, and to send a copy of their letter to the CySEC, requesting that their account(s) be closed and any remaining balance be reimbursed.

Address of the CySEC:

Cyprus Securities and Exchange Commission (CySEC)

27 Diagorou Str.

1097 Nicosia, Cyprus

Postal Address

P.O BOX 24996

1306 Nicosia, Cyprus

Address of Banc de Binary Ltd*

The financial services center Stoney ground,

Kingstown St. Vincent & Grenadines,

St Vincent

* Last address know to the FSMA