Banc De Binary
Banc De Binary was an Israeli financial firm with a history of regulatory issues on three continents. On January 9, 2017, the company announced that it would be closing due to negative press coverage and its tarnished reputation. The firm also surrendered its brokerage license with the Cyprus Securities and Exchange Commission (CySEC) removing its ability to legally trade in the European Union. Its 2014 revenues were reported as $100 million.It sold binary options on assets including foreign exchange. It was barred from accepting U.S. customers in August 2013 after being charged with several offenses by the Commodity Futures Trading Commission (CFTC) and U.S. Securities and Exchange Commission (SEC) in a civil lawsuit. The company agreed to pay $11 million in restitution and fines to settle the suit. It is also banned from accepting customers in Canada, Australia, New Zealand, and Israel.The company operated an online trading website through which customers could buy binary options, predicting whether the price of a certain commodity will go up or down in a specific time period, as short as 60 seconds. Banc De Binary was an associate of SpotOption Exchange which sets the price of the option. The price of the option was not a market price, but was set by SpotOption Exchange itself.The Wall Street Journal described it as "a website that allows people to bet on the price of gold, oil or stocks".