Banc De Binary lawsuits

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Banc De Binary lawsuits

Banc de Binary Lawsuits

2020 was not a very good year for Banc De Binary. The broker came under scrutiny from two major regulatory bodies, and the processes that the ensued resulted in hefty fines for this company and tarnished its reputation significantly. Eventually, this led to the broker’s downfall, so we decided to investigate what really happened with one of the strongest brands of the binary options industry. We want to see what the mistakes that resulted in these major Banc De Binary lawsuits were, so that you know what to avoid when examining a broker’s offer. Let’s get going.

Banc De Binary lawsuits | Early 2020

The first of the Banc De Binary lawsuits that marked the decline of this huge company was the settlement with CySEC in January 2020. The fine was €350,000, and although not many details were published, the agency did state that the cause for the whole process was the possible violation of the Investment Services and Activities and Regulated Markets Law of 2007. A much bigger blow came only one month later, when the largest of Banc De Binary lawsuits also ended in a settlement, with the case lasting two years. However, this time Banc De Binary had to pay 11 million dollars. The company was charged with taking orders from US clients despite the fact that this kind of trading was banned in the country at the time.

Banc De Binary lawsuits | The Giambrone lawsuit

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But this story is not over yet because the most recent of the Banc De Binary lawsuits is just a few weeks old. It was learned that Giambrone, a London-based law firm, is initiating a class action lawsuit against the broker and all Banc De Binary affiliates. Numbers in this case go up to 5 million €, although nothing has been confirmed yet. Actually, the whole thing is far from over as the mode of financing the lawsuit is still being negotiated. Furthermore, the broker is about to shut down for good, following a series of Banc De Binary scam accusations from various media in Israel and the United Kingdom.

Banc De Binary lawsuits | Conclusion

As you can see, 2020 was a turbulent year for this company and 2020 simply continued the trend with a new addition to the list of Banc De Binary lawsuits. All of that turned out to be too much for one of the most famous players in the binary options industry, and the company recently stopped accepting new clients and began the process of returning money to the old ones. With that, it seems that this whole industry is losing one of its strongest brands and entering a completely new era.

Case Status Report: Banc De Binary Litigation

Banc de Binary Litigation

In June 2020, the CFTC filed a lawsuit in U.S. federal court in the District of Nevada against Banc de Binary, Ltd that operates an Internet-based trading platform for “binary options.” U.S. Commodity Futures Trading Commission v. Banc de Binary Ltd., 2:13-cv-00992-MMD-VCF (D. Nev.). The binary options offered by Banc de Binary are offered on a variety of websites, including www.bbinary.com.

The CFTC’s complaint, filed June 5, 2020 and amended May 6, 2020, alleged that Banc de Binary, Ltd. and its co-defendants violated the CFTC’s ban on off-exchange options trading by offering commodity option contracts to U.S. customers for trading, as well as soliciting, accepting orders and funds from, and confirming the execution of orders from U.S. customers. Through the Banc de Binary website, customers buy or sell binary “call” or “put” options that allow them to predict whether the price of a certain “asset” will go “up” or “down” at a future date and/or time, with a specified payout structure.

On February 29, 2020, the district court entered a Consent Order of Permanent Injunction, Civil Monetary Penalties and Other Equitable Relief against Banc de Binary Ltd. E.T. Binary Options Ltd., BO Systems Ltd. (now named and registered in Seychelles as Banc De Binary Limited), BdB Services Ltd., and Oren Shabat Laurent (“Consent Order”). The Consent Order required Defendants to pay restitution of $7.1 million and civil monetary penalties totaling $2 million. A list of U.S. customers owed restitution was also approved by the court.

The Consent Order was entered as part of a global settlement that resolved the CFTC’s case against these defendants, as well as a parallel action filed by the U.S. Securities Exchange Commission (“SEC”) against the same defendants.Security and Exchange Commission v. Banc de Binary Ltd., et al., 2:13-cv-00993-RCJ-VCF (D. Nev.). The SEC received $1.95 million in civil monetary penalties, which by statute may be included in the funds being distributed back to investors.

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The Consent Order appoints the National Futures Association (“NFA”) as the Monitor to return the restitution to Banc de Binary’s customers. The NFA is a futures association registered with the CFTC pursuant to Section 17 of the Commodity Exchange Act, 7 U.S.C. § 21, that serves as the industry-wide, independent, self-regulatory organization for the U.S. futures industry. Information regarding the distribution can be obtained by contacting the NFA at [email protected] or visiting the NFA’s website

or sending an email inquiry to the CFTC at [email protected], or calling the CFTC’s toll free number at (800) 850-7266.

Also, the SEC and the CFTC have become aware of communications, including official looking documents, that falsely claim to be issued by the Securities and Exchange Commission and seek money from investors who have deposited money with the defendants on their “Banc de Binary” binary option website trading platforms. Eligible investors should beware of any requests to pay any additional money in order to obtain a distribution from the settlement fund in this case or the SEC. There is no such requirement in either case to claim a distribution. An investor in “Banc de Binary” binary options who is entitled to receive a distribution from the Banc de Binary – Restitution Fund does not have to pay any amount of money in order to receive a distribution from the fund.

Banc de Binary faces new Lawsuit: Giambrone prepares Class Action

Banc de Binary faces new Lawsuit, as the London law firm Giambrone prepares for a group litigation against the Binary Options broker. Will the brokers’ clients be able to recover their funds? How did the law firm respond to Banc de Binary’s possible shut down?

10 January, AtoZForex – Earlier in March 2020, US authorities ordered Banc de Binary Ltd., ET Binary Options Ltd., BO Systems Ltd., BDB Services Ltd. and its owner Oren Shabat Laurent to compensate $9 million to the US-based. Now, at the start of the new year, it is likely that Banc de Binary faces new lawsuit. Giambrone, the law firm with the main office in London, is preparing a class action against Banc de Binary.

Recently, AtoZForex reported a case, where the Banc de Binary allegedly scammed a single mother. Deanne Forest is a single mother from the UK. She was trying to pay her sons’ university fees by making some money with Banc de Binary. Unfortunately, she lost every penny in a few days by putting £12,500 of savings and credit card debt on high-risk trades. Following the loss, the company compensated her with worthless gifts.

Why Banc de Binary faces new Lawsuit

The law firm, Giambrone is no stranger to the Binary Options market, as it has spearheaded several binary options cases before. Last year, the law firm managed the cases against LBinary and NRGBinary. Now, the law firm is dealing with the complaints of Banc de Binary’s former clients.

Following earlier reports of Banc de Binary fraudulent actions, the law firm is examining a series of complaints about the binary options firm. AtoZ Forex has reached to the law firm and spoke to Anne Gadd, the Head of Operations and Marketing at Giambrone. When asked about the case, Mrs. Anne Gadd stated:

“Giambrone believes that the best plan would be to assemble a class action and have the matter heard before the courts as swiftly as possible in order to have the best chance of restoring the lost funds. Approximately 40 clients have contacted us about the case, mostly from Europe, Middle East, and Australia. The joint value of BDB clients’ claims is about €2 million.”

Giambrone class action is taking form

Considering that the law firm has sourced litigation funds, Giambrone is currently in the negotiation process in relation to the preparation with a litigation hedge fund in the City of London. The process itself includes legal financing for parties that are unable to pay in advance. As a return, the sponsor of the case normally receives a success fee. Anne Gadd clarified further:

“Any individual that seeks to recover funds from Banc de Binary, should know that Giambrone has sourced litigation funding. Hence, we are in the process of establishing a partnership with a funder. In order to support the clients who have suffered financial fraud. We need to reach at least 3 million to make the litigation financially viable for the litigation funders.”

Banc de Binary shuts down? Giambrone responds

According to media reports, Banc de Binary is shutting down. Online reports claim that a high-level official at the Banc de Binary confirmed the news. Moreover, the company official explained that the owners of the broker took the decision. As, the company’s owners decided on shutting down the operations due to the amount of negative press around the company.

Is Banc de Binary shut down, a positive or negative news for Giambrone and the clients? Answering this question, Anne Gadd replied:

“On one hand, it can be a good thing that Banc de Binary is closing down its fraudulent operation. As no more individuals will suffer at their hands. On the other hand, the concern is that it may be harder for our clients to obtain restitution from them. Especially, if Banc de Binary follow the closure announcement with an application for insolvency before the clients have had the opportunity to recover their losses.”

What to do if you are a troubled Banc de Binary client?

Now that it is publicly known that Banc de Binary faces new Lawsuit. What should you do, if you are a troubled Banc de Binary (former) client? You can turn to Giambrone for legal advice. Moreover, the law firm’s Head of Operations and Marketing, Anne Gadd explained:

“Anyone who wishes to be added to the class action against Banc de Binary should go to Giambrone’s website. There you should complete the registration form, found under Private Clients -Binary Trading Litigation page. Our client services department will contact you afterwards.”

Do you have questions about Giambrone’s group litigation? Or are you a troubled BDB client? Let us know in the comments section below.

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