Binary CM has shut down

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Binary CM has shut down!

WARNING: This broker has been shut down due to numerous complaints and security issues. We strongly recommend trading with regulated and trusted brokers.

Binary CM Has Shut Down

Another broker has closed its doors and will not compete in the binary options industry anymore. Yes, Binary CM has shut down and no trader can do business with them, so let’s take a closer look at what happened and what this means. It is interesting to note that Binary Capital Markets went down just one year after its launch, and given the fact that they were quite ambitious and aimed pretty high, the fact that they are not in the game anymore is quite a surprise. Not a lot of information is available, but we’ll work with what we have to try to get to the bottom of this. Read on and see what you can learn.

Binary CM has shut down | Short lifespan

Much like in the case of the Boss Capital shutdown, we have received no official statements from the broker on the reasons why Binary CM has shut down, nor did we find anything useful online. Still, some conclusions can be made from what we know. Given that the company was only launched in October last year, it is quite possible that they failed to reach the number of people that would allow them to stay open. Like we said, they were pretty ambitious, but this also means they invested a lot in making their presence know. If traders didn’t react as expected, it is possible that the return of this investment was very slim. However, we also got some interesting feedback from traders who signed up with this broker. Keep reading to find out what they told us!

Binary CM has shut down | Several complaints

Before we move on, allow us to point you to our IQ Option Review 2020 if you need a new broker. This is one of the best companies in the industry and you simply can’t go wrong with them. Now, over the last month or so we received several complaints from the broker’s clients that they cannot access their money. True, we can’t say there were many of them, but combining that with what we said in the previous paragraph and the fact that Binary CM has shut down could give us the reason behind what happened. When a broker stops paying out its clients, it is usually a sign of financial problems and doesn’t necessarily mean that you’re dealing with a deliberate scam. Still, since there is no official explanation or statement, this is all we know at the moment. Naturally, we will keep an eye on any new information that may appear about BCM, but if you have anything to share with us, don’t hesitate to drop us a comment below.

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Binary CM has shut down | Conclusion

So, Binary CM has shut down and another broker has left the industry. This is nothing new because the competition in this business really is fierce, but we regret that we have no additional information about what happened. We can make educated guesses, though, and we believe we’ve made some reasonable points in this article. But don’t let this event stop you from trading. There are so many brokers that are more experienced and more reliable than BCM and our website has covered them all. Read our analyses and make your choice!

News – Banc De Binary Decides to Shut Down!

News – Banc De Binary Decides to Shut Down!

Banc De Binary Decides to Shut Down after a long period of having issues with regulators and authorities worldwide. That, in addition to all the thousands of complaints coming from their own clients is finally putting an end to the firm once and for all.

Banc De Binary is… or rather was one of the oldest and biggest binary options brokers in the industry which started in 2009. They were also regulated by CySec and the FCA but despite the regulations, they were not playing by the book.

CySec has already fined Banc De Binary

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CySec has already fined Banc De Binary several times for various reasons such as misleading the regulator, violation of investment firm laws, solicitation of American clients, offering unapproved services, misleading advertisement, unfair bonus terms and the list goes on and on.

Each time, Banc De Binary paid their fines but continued to operate like before until they were slapped with the next fine. The biggest and probably what finally led to their demise was the 11 million dollar settlement last year in 2020 when the U.S regulator CFTC together with CySec fined BDB. This, due to their solicitation of US clients during the period which they were banned from offering their services in the US.

“Not worth the tarnished reputation”

Financemagnates.com, who were first to uncover BDB’s plans on shutting down, quoted a BDB official saying; “It’s become the wild west in the past few months,” its just not worth the tarnished reputation. I don’t see how we can continue operating under such scrutiny and public image.”
In addition, the sponsorship deal between BDB and Southapton FC got cancelled last autumn which according to Financemagnates was also a sign of issues for the brokerage.

Since there are no other sources for further confirmation of this news, we also tried to look up Banc De Binary’s traffic and found out that it has indeed dropped significantly in the past few months which also indicates that they are cutting down on their advertisements altogether.

“We Are Still Here and Working”

“We Are Still Here and Working” – claimed a Banc De Binary representative when we reached out to Banc De Binary’s. At first, we were told that it was okay to create an account and make a deposit!
Upon bringing up the rumors of the firm shutting down, the broker support said: “this is not official”.
One could wonder why Banc De Binary still allows depositors while they are in the process of closing.
Of course, we have experienced similar behaviors in the past from other brokers closing down whom also accepted depositors to the last minute before shutting down and vanishing without a trace.
Therefore, we would recommend our users not to open any accounts with BDB and if you already have, make sure to request a withdrawal as soon as possible.

Banc De Binary is shutting down!

WARNING: This broker has been shut down due to numerous complaints and security issues. We strongly recommend trading with regulated and trusted brokers.

Banc De Binary is Shutting Down

Banc De Binary, an icon of the binary options industry and one of the most famous brokers in the world, has stopped accepting new traders! One of the biggest companies in the business will therefore shut down, which is certainly a huge shock for the trading community. The process of termination has already begun, and, as we are writing this, Banc De Binary’s clients are receiving their money back. This implies that the problem is not of financial nature. To find out why Banc De Binary is shutting down, stay with us and learn more about this incredible blow to the industry.

Banc De Binary is shutting down | Why?

For some time now, this company has been on the receiving end of some pretty negative press, especially in Israel and the United Kingdom, and accusations of Banc De Binary scam affected its performance and business capability quite significantly. Due to this, Banc De Binary’s reputation suffered, and the broker’s owners have now decided that they will not take it anymore. To put it simply, the situation has become unbearable. Although the official announcement has yet to see the light of day, the fact that the broker has renounced its CySEC license pretty much confirms that Banc De Binary is shutting down, with the company looking to leave without any further complications. If you’re looking for an alternative, we recommend reading our 24option Review and signing up with them. Another reputable broker in this field, they have the same minimum deposit requirement, an excellent platform and extremely capable staff, so they should be more than ready to offer an equally good service.

Banc De Binary is shutting down | Legacy

This behemoth of the binary options industry was founded back in 2009, and its value is now estimated at approximately half a billion dollars. Headquartered in Israel, but with an office in Cyprus, the company was always regarded as one of the industry’s elite. A huge number of traders and a sponsorship deal with Liverpool FC only strengthened that image. However, problems began to emerge at the beginning of 2020 when Banc De Binary EU operations earned the broker a 350,000€ fine from CySEC . One month later, a much bigger blow came from the US financial authorities, namely the CFTC, when Banc De Binary had to pay a whopping 11 million dollars due to illegal targeting of American traders. After that, it seems everything went downhill for the company and today, one year later, Banc De Binary is shutting down for good.

Banc De Binary is shutting down | Conclusion

One of the most famous binary options brokers is closing its doors, and the industry is about to lose one of its strongest brands. Fortunately, it seems the whole process is carefully planned so that no trader suffers any unexpected losses. The main reason for this move is increased media pressure, which has become too much for the owners to handle, but we suspect that a bad 2020 had a role to play in the decision, too. Since the situation is not likely to improve any time soon, Banc De Binary is shutting down. It will be interesting to see which company takes its place on the market.

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