Banc de Binary Begins Talks with CFTC Regarding US Regulation

BinaryOptionsNow | Published on January 25, 2013 at 5:53 pm

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BinaryOptionsNow – Binary options broker Banc de Binary has announced that it has entered into talks with the US Commodities and Futures Trading Commission (CFTC) regarding becoming a regulated financial brokerage in the United States.

The popular online trading company also announced that in wake of this move, it would no longer be accepting new US trading clients to its platform. This comes right after the company announced that it had become regulated in the European Union after it received such regulation from the Cyprus Securities and Exchanges Commission (CySEC) earlier this month.

Banc de Binary has experienced massive growth since it was launched in 2008. The popular platform, powered by SpotOption, has quickly risen to become one of the most trafficked among online traders looking to trade binaries on forex, commodities, stocks and indices.

Banc de Binary CEO Oren Laurent recently announced that the company would be expanding its Cyprus-based headquarters in wake of the EU regulation saying “Cyprus’s geographic location, excellent infrastructure and high-caliber labor pool made the island our first and only choice for our European and Middle Eastern headquarters.”

Below you can read today’s Banc de Binary press release in full:

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.

 

US traders who still want to trade on a SpotOption platform that does accept US-based residents can still do so at TradeRush.com.

 

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