Breaking News - Banc de Binary is shutting down its binary options

Further to the recent announcement that our Binary Options litigation team had confirmed a new partnership with a global finance firm focused on litigation funding to finance the increasing number of litigation cases relating to the forex and binary option sectors, we have now received confirmation that Banc De Binary will be closing its operations worldwide.

This news will send shockwaves across the industry as Banc de Binary was one of the leading binary brokerages by its portfolio size. As reported by a leading industry publication today, a company official has explained that arrangements have been made to stop accepting new customers.

A senior official at the CySEC-regulated binary options provider has confirmed the news, explaining that the move was taken by the firm’s owners following the consistently negative press that the company faced over the past year and the threat of global litigation in various jurisdictions, for which Giambrone has been at the forefront since last year.

Giambrone announced a class action against the European arm of the company in late 2015 and we have liaised with the CFTC and CySEC to raise several complaints on behalf of our investor clients.

If you are the unfortunate victim of Banc de Binary or if you are having problems in withdrawing your funds, this is where life gets particularly difficult. Although Banc de Binary has publicly stated that all client funds are being sent back to their original source, there is a risk that it will leave little behind after it disappears.

Time is of essence as the announcement may be the forerunner of further bad news, including possibility insolvency filing by Banc de Binary. We will continue monitoring the situation and provide regular updates on our website to keep our clients informed.

If you have been victim of Banc de Binary, or any similar financial scams, feel free to call us and we will talk you through the options and help you start the process of recovering your money. Alternatively, please contact our Client Relations Team to arrange a discussion with a lawyer in the Binary Options Litigation team. Our international lawyers are able to provide assistance in English, French, Spanish, Arabic and Chinese.

You may prefer to fill an enquiry online, call us on +44 (0)207 183 9482 or email us at: clientservices@giambronelaw.com.