Banc De Binary shuts trading platform investors might lose everything

TransCanada

Banc De Binary an online binary options and Forex trading company has announced the close down of its trading platform.

The announcement is coming after the company was listed by Financial Services Authority of Japan, FSA, as one of many companies carrying out cold calling which might be fraudulent.

Banc De Binary gave out the announcement on homepage of its website that:

“We want to inform you that as of March 5th 2017 Banc de binary will no longer avail the trading platform. If you have funds eligible to withdraw you are kindly requested to fill out a withdrawal request through your account and we will refund you the full amount of your eligible funds (in accordance with the terms and conditions of the company) by clicking here. Sincerely, Banc De Binary Management”

There are no concrete reason given by Banc De Binary for closing its trading platform. In an investor alert issued by the Japanese FSA said entities such as Banc De Binary make:

“unsolicited calls to potential investors, cajoles them into deciding to purchase certain securities, and then, becomes unavailable for contact after the investor sends the money for that purchase. As a result, the investors cannot obtain the securities although they made the payment, and they also cannot get back the money they paid. Investors need to be more careful and vigilant, as cold callers have been using more varied and more sophisticated tactics. (For example, some cold callers execute transactions properly and make profits for investors at first. Then, they solicit bigger transaction and make the investors transfer the money for it. After that, the cold callers disappear.)”

Banc De Binary has not countered the allegations. Based on the list released by the FSA, securities sales fraud perpetrated through cold calling seems to be prevalent as many parts of the world were represented on the list.

It is unclear if Banc De Binary investors will get their funds back as the company has a web of terms and conditions that states investors can lose all their investments.

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