Well it’s official, Banc De Binary has now become the first CySEC regulated binary options brokerage company! They are now regulated under the Cyprus Securities and Exchange Commission (CySEC).
The CySEC licence number for Banc De Binary Ltd is 188/13. Here is the link showing them on the CySEC website http://www.cysec.gov.cy/licence_members_1_en.aspx
A press conference will be held at the Hilton Hotel in Nicosia, Cyprus on the 31st. I am planning to attend so I will take some pictures and let everyone know how it goes!
Here is the official licence paperwork.
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groovy.
Good for them. Great to see such a nice honest business making a good name for themselves. Well done BDB its superb to see you now have regulation.
Thats really a good news
Fantastic but looks like a do it yourself legal document that the made at Kinkos? Seriously that is a greek legal doc? wow lol I knew things were bad their but geebuz…
Hopefully, they will do business honestly this time.
Good for them. They said they were going to do this and they accomplished it.
David are you closely affiliated with BDB? You seems to support them hell of a lot more than any other broker
@Lux – I’ve been to their office, know Oren the CEO quite well now because of me being an affiliate for them. Know them better than any of the other brokers that is for sure.
The Spreads continue very high…. That’s for sure the biggest difficult traders will still find….
Remember to win by BIG distance, if not, You’ll lose.
dont you have an english version
@al88 – I fixed the homepage link on CySEC website to the english version however the paperwork they only sent me the greek version. I don’t know if they even have an english one to be honest.
Be careful with BDB… CySEC licensing is suspect…
That’s right prof8t, in a lot of threats in the forum they assure that the regulations in Ciprus, Isle of Man, etc are a joke, so be careful, I am still using an overseas broker myself, taking profits everyday.
I still think that NADEX is the only serious and fair broker.
Greetings!!
There’s only 2 regulators in the world I trust(and that’s suspect): CFTC & FSA. Having said that, for BDB to step up and conform to Cysec’ regs is a binary industry 1st. As traders, we care about transparency, fairness, and a place to turn to w/ a bitch. Its all about accountability of the broker.
So, hats off BDB, way to move the industry forward(and nice work on your additional hires, the world needs more high paying jobs)! But remember, Cypress has their financial issues, don’t become a victim of their revenue generating fines…
So does this mean that other Binary Option Brokers will follow suit?
As a provider I can tell you that regulation is a tricky subject. There are many many choices and issues to cover. GOptions Lee and I both hope soon will be on the road to regs also. But most likely not with Cysec. It is still a brand new baby regulator, the first of its kind, so its hard to see right now if they will really grow to be trusted and if they are capable.
So far I can say that as BDB and GOptions have the same technology provider it is great to see them get there. Of course as they were the first and biggest on the block it was expected they would get there first, they have the bigger budget
But you know what they say, the bigger they are….. At least I have a nice price feed than them for now
Stone
I like turtles
Mmm – regulation can’t hurt I suppose, but what does it really mean for us? Have any of the mods here ever contacted a regulator (Cysec, CFTC, IOM) directly? Now that would be an interesting post!
Could be great….
Comes down to what kind of actions have they taken…I know CFTC when they issue fines to exchanges it is easily in millions…they have a consumer protection link right at top of cftc.gov for complaints actions etc..also NFA…
On cysec.gov.cy/ – i see warnings to investors about firms for not being regulated/registered with them but don’t see enforcement actions penalties etc..(May be there maybe i just missed it)
Also what are the regulations – what do they mean to you…basically what is bighouse time and the $ cost to the people firms that are regulated who violate regulations (ones that impact you directly)…how bad does it hurt them for hurting you….
These two things ((1)regulations that protect you and (2) penalize those who violate them) set apart a regulatory firm from a better business bureau service where consumers complain but the BBB has no power but to say not in compliance….and even that is back and forth letters that usually result in the person not responding and it not being listed….
This is not to comment on what Cysec is or is not…I don’t know…Just questions that need to be answered to give it credibility…
Worth a post here too, full entertainment…
http://leaprate.com/forex-industry-news/entry/cysec-lacking-funding-is-shaking-down-fx-brokers-the-real-story.html
I find that article fully entertaining &
Just read that article.. sounds like their trying to pay their bills versus regulate… interesting fines without cause…pay or we will issue you a bigger fine and mainly we will give you bad press…oh and if you pay you can then help us make a pretty press release… (don’t know if they have any power to enforce a fine or not….)….sounds more like mafia than regulator…
Good article Brites. Cyprus are all about bogus fines and payoffs, then they will turn a blind eye to the actual wrongdoing by the companies which Cyprus should be investigating to protect customers, but they clearly don’t. It’s really horrendous for the traders who are not being protected at all. And this is not a new story, Cyprus has never had any other reputation other than total absolute corruption. Countries like the US and GB jealously guard their good names and won’t give out licenses to the same sort of companies that take refuge in Cyprus and would rather pay a bribe than act fairly and open up their books. There are no rules to follow in Cyprus except to pay bribes… Costa Rica, Anguilla, banana republics they are all the same. Bribes and corruption. The obvious question then is why would bbinary have set up there unless they too are corrupt? Sorry bbinary…
http://articles.marketsworld.com/2012/05/14/cyprus-welcome-to-licensing-binary-options-late-is-better-than-never/#.UR4eO-i4pD0
Jeremiah, excellent MW article, thanks! Its does make me wonder, the Cyprus connection for a big chunk of the industry.
So what are the other governing body on binary options we can trust?