BinaryOptionsNow – On May 13th Banc de Binary CEO Oren Laurent responded to a series of questions asked by new and experienced online traders in a conference style interview held on binary options trading website BinaryOptionsDaily. The questions touched on various subjects such as withdrawals, trader safety, future of the binary options industry and others.
Check below to find out everything about the key issues discussed at the interview and learn how Banc de Binary CEO Oren Laurent responded to some very intricate user questions.
Banc de Binary Withdrawals
One of the principal issues discussed at the meeting was the issue of withdrawals from Banc de Binary. Laurent explained that all the funds traders deposit will be segregated and kept safe in various different bank accounts at reputable banks such as ING, ABN AMRO, and IDB Bank.
Whenever a trader requests a withdrawal, the money will be transferred to the trader’s bank account from Banc de Binary’s IDB Bank account. Laurent explained that it will take approximately 2-5 days until the money arrives into the trader’s account, if the withdrawal is done via bank wire (Moneybookers withdrawals are processed in 24-48 hours, he said).
In order for a withdrawal to be processed, the requester needs to fulfill three requirements. The first is to supply Banc be Binary will all the requested personal identification papers. While this might sound complicated, it’s a provision of the current mainstream AML (Anti Money Laundering) policy and doesn’t depends on BDB itself.
The second condition is that if the trader withdraws through credit card, then only a sum equal to the last deposit can be requested. For this reason BDB recommends wire transfer withdrawal instead. The last requirement is that traders will have to complete their bonus turnover requirement (in case a bonus was accepted).
Laurent recommended traders not to accept the Banc de Binary bonus offered. This might seem odd, but considering that such a bonus will require the trader to generate a turnover 20x the bonus amount in trading volume it might not necessarily benefit the trader.
Banc de Binary Regulation
Laurent said that Banc de Binary is in the process of being licensed by the CFTC in the United States.
The company’s CEO pointed out that in order to acquire the license in the US, his venture is already following all regulations and laws. This is being done despite the fact that the company is not regulated in the US at the moment (because binary options trading itself is in the process of regulation).
Future of the Binary Options Industry and Expiry Times
When asked by a questioner about the future of the binary options industry, Oren Laurent commented that he believes that the business will continue to increase considerably in the future. He pointed out that at the moment there are around 23,000 new traders joining the business every month and there are reasons to believe that this will increase to up to even 100,000 in the near future.
This in turn will determine jurisdictions and countries to regulate their binary options market. If this happens, the binary options industry will experience a large boom similar to that of the Forex industry a few years ago.
When asked if the future will bring any lower expiry times than 15 minutes, Laurent explained that at some point there will be 5 minutes options as well. If such a measure is implemented, the binary options business is expected to increase even further.
Conclusions and Overview
The recent mini-conference and interview between binary options traders and Banc de Binary CEO Oren Laurent can be cataloged as a very productive and insightful event. It gave traders insight into the inner functionality and work ethics of Banc de Binary as well as shed light on the future of the binary options business.
Laurent also reassured traders that Banc de Binary is a legitimate business that constantly strives to improve its services. The CEO also revealed than on July 1st his venture will be releasing a new and updated software platform that will fix all existing bugs and considerably improve the venture’s services.