Banc de Binary Ltd.
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Date:
2013-07-29
Contact:
Background:
On June 5, 2013, the U.S. Commodity Futures Trading Commission (CFTC) filed a civil complaint in federal court in Nevada charging Banc de Binary Ltd. (Banc de Binary) with violating the CFTC’s ban on off-exchange options by offering commodity option contracts to U.S. residents and soliciting, accepting and confirming the execution of orders from U.S. residents. In its complaint, the CFTC also alleged that Banc de Binary was operating as an unregistered Futures Commission Merchant.
According to the CFTC’s complaint, Banc de Binary, a Cypriot and Israeli company, operates an on-line trading website through which clients can buy or sell binary options, predicting whether the price of a certain commodity will increase or decrease in a given time period.
On October 15, 2012, the Ontario Securities Commission added Banc de Binary to its public Warning List.
The BCSC is not aware of any British Columbia residents who may have opened accounts with, and traded through, Banc de Binary.
Banc de Binary is not registered to trade in, or advise on, securities or exchange contracts in British Columbia.
We urge British Columbia residents to exercise caution when dealing with firms that are not registered to trade or advise in British Columbia.
