Banc de Binary Quits US (For Now)
25 January 2013
A few weeks ago we posted that Banc de Binary was quitting the USA. This was denied at the time by BdB but today they have sent BinaryOptions.net an official release that they are in the process of working with the CFTC to become a regulated binary options broker in the United States.
It is unclear if BdB is planning on embarking on a real exchange type business like the one currently being provided by IG Group’s NADEX unit, or it will be only offering it’s existing platform in the US.
Full statement below. This is a positive sign that the industry is moving towards regulation.
BANC DE BINARY OFFICIAL STATEMENT REGARDING CFTC
Banc De Binary has announced that as of January 25 2013 it is in talks with the CFTC in order to obtain regulation for its operation as a binary options exchange in the United States. The New York headquartered company currently provides an online binary options platform where investors can trade on the direction of over 200 assets. The CFTC approached Banc De Binary after the company became the first EU regulated binary options brokerage (CySEC license 188/13). In accordance with CFTC requirements, Banc De Binary will not be accepting new US clients during the course of negotiations. Customers from abroad and existing US customers will still retain full access to all company services. Since its founding in 2009, Banc De Binary has complied with all federal and state laws regarding banking and compliance procedures. However specific regulation for binary option trading has not previously existed. The company has long voiced its desire for industry regulation so as to better protect traders, and has said that it would comply with all applicable procedures. The introduction of regulation in the EU, and now in the US, legitimizes binary options as a financial instrument in their own right and adds credibility to this relatively new and quickly growing industry. The acquiring of a license is recognized as the guarantee of a firm’s professional standards and financial security for clients. Banc De Binary made the decision to begin operating only in regulated countries in order to continue leading the binary options market and convert binary options into a viable financial product in the banking world. It looks forward to working with regulators worldwide in its commitment to providing a quality investment service to all clients.