Banc De Binary Closes

It looks like Banc De Binary has eventually closed after a steady stream of bad press and regulatory problems, compounded by fines. Although the still existent website now carries a warning the site’s blog has disappeared, but their registration page is still available, so we’re not exactly sure what’s going on there!.

Their troubles have included articles in the Mail Online which accused the Israeli owned Binary Options Firm of many bad practises including the targeting of vulnerable investors. While some issue may be taken with the way that the Mail reports on what is essentially a gambling platform the publicity. Whilst bad for Banc de Binary it does at least highlight the general ignorance and folly of the public when it comes to getting their credit cards out online.

And while we may again applaud the Mail for bringing to the public’s attention how quickly money can be lost, it must also be noted that their webpage is literally plastered with adverts for other financial ‘trading’ platforms. Why the apostrophes on ‘trading’? Because it is gambling, it’s as simple as that. A visitor to the Mail’s site may click on of their adverts and register, in which case, surely the Mail would be in some part culpable?

‘Mail bashing’ aside, the Binary operator has also fallen foul of regulatory bodies. It has lost its Belize license, and has renounced its CySEC license. The US Securities and Exchange Commission also fined the firm in 2016.

So how did this state of affairs come to be? One of the largest Binary firms around and for a while a trusted one. No-one know of the internal machinations, and it leads to the more important question, who can I trust?

Binary Broking is, as noted, gambling. Brokers are not saints. Smart traders may earn money from them, but if you’re looking for ethics and trust you may as well have a chat with your local drug dealer. Most importantly, and this is where most people fall down, never deposit more than you are willing to lose.

Having said that, if you play with money that you can afford to lose and are aware that it is a gambling situation where you are playing against ‘the house’ and not the markets, then let the dice roll…

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