France's financial regulator, the AMF, issued a news bulletin yesterday regarding CySEC-regulated binary options brokerage Banc De Binary, urging all existing clients to close their accounts as soon as possible.
The AMF’s warning comes two weeks after Banc De Binary decided to renounce its license with financial authorities in Cyprus, who issued their own statement on January 11, 2017, saying the firm is no longer allowed to conduct business in Cyprus.
The CySEC announcement reads:
“As stated in the renouncement letter of the Company, which provided investment services via the domain eu.bancdebinary.com, its authorization with Νumber 188/13 lapses as from 15th of January 2017.“France recently passed a new set of rules that prohibit the advertising of risky financial instruments (CFDs and FX binary options) to the French public. And the AMF has taken a lead role in the enforcement of the new regulations, in addition to collaborating with financial authorities in other countries - particularly the CySEC - to identify financial outfits in violations of the new statutes.
The AMF’s bulletin on Band De Binary states:
“The Autorité des Marchés Financiers is actively engaged in combating the dangers for individual investors of speculative trading on the Internet. It works regularly with the Cypriot regulator to develop controls and sanctions for companies operating under authorisations granted in that country.”Along with renouncing its CIF license in Cyprus, Banc De Binary has also stopped serving customers based in the United States.
Image credit: By Banc De Binary [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons