Banc de Binary, one of the leading binary options operators in the sector, is to halt all operations and wind down its business for good.
A high-level source at the Cyprus Securities and Exchange Commission-regulated company confirmed the news to the Financemagnates.com website.
Banc de Binary took the decision in the wake of negative press coverage over the past year and arrangements have now been made to stop accepting new customers, with the source adding that an official announcement will be made in due course.
In the UK the Premier League football club Southampton was forced to abandon its shirt sponsorship agreement with Banc de Binary following negative press coverage of binary options in a number of newspapers.
The unnamed source said: “It’s become the wild west in the past few months; it’s just not worth the tarnished reputation. I don’t see how we can continue operating under such scrutiny and public image.
“All client funds are being sent back to their original source; we’re just waiting for the official announcement from the board to begin the process.
“They are literally about to kill a five-hundred-million-dollar company, but even worse – the icon of the binary option industry.”
Related article: Southampton nets new binary trading partner
