France’s Autorité des marchés financiers (AMF) has issued an advisory note to clients utilizing the European division of Banc de Binary. The French financial regulator is urging customers to contact Banc de Binary following the renunciation of the group’s authorization by the Cyprus Securities and Exchange Commission (CySEC) as per the request of the brokerage.
Earlier this month Banc De Binary announced that it is closing down its operations, which came on heels of the increased scrutiny by various media outlets on the brokerage. After operating for a number of years as a Cyprus Investment Firm (CIF), Banc de Binary had begun the process of looking for an orderly exit from the industry.
Banc de Binary’s authorization as a CIF was formally suspended back on January 15, 2017, though CySEC decreed that the group is required to honor its obligations during a period of three months from this date – as such, Banc de Binary Ltd remains under CySEC supervision during this period.
In light of the recent changes, the AMF is now recommending that all of the group’s investors and account holders contact Banc de Binary Ltd via a registered letter, with an additional copy of this letter to CySEC, requesting immediate account closure and reimbursements.
Binary options have been at the forefront of the AMF’s regulatory crusade against retail financial services, with the French watchdog substantially limiting access for retail investors.
Regulatory changes in France include a limit on advertisement of products that do not meet a multitude of complex regulatory requirements. The French AMF has mandated brokers to introduce guaranteed stop loss orders and to limit the ability of clients to move their stop losses further from the initially set price level.
The AMF has provided the requisite details for this correspondence which can be viewed below:
Cyprus Securities and Exchange Commission (CySEC)
27 Diagorou Str.
1097 Nicosia, Chypre
P.O BOX 24996
1306 Nicosia, Chypre
Banc de Binary
4, Profiti Ilia Street Internationak Business Centre
Office 401 Germasogeia CY
4046, Limassol, Cyprus