Binary options: lawyers to sue

London law firm Giambrone is preparing litigation against Banc de Binary (see nose206), according to a recent report on binary options’ website, Finance Magnates. The firm is reported to be investigating numerous complaints by victims of Banc de Binary’s fraudulent binary options trading, and is negotiating with a City of London litigation hedge fund to finance litigation aimed at recovering their losses.

The lawyer on the case, Joanna Bailey, is quoted as saying the law firm had been contacted by around 40 former Banc de Binary clients, most of whom are based in Europe, the Middle East and Australia. The joint value of their claims is approximately €2 million (R28 million). “We need to reach at least €3m to make the litigation financially viable for the litigation funders,” she said.

• In March 2016, US regulators ordered Banc de Binary Ltd, ET Binary Options Ltd, BO Systems Ltd, BDB Services Ltd and its owner, Oren Shabat Laurent, to pay over $9m (R1.2 billion) in refunds to US clients.

• The Cyprus Securities Exchange Commission has confirmed that Banc de Binary has given notice of its intention to close down  as a result of the consistently negative press that the company has faced over the past year. A news report quotes a Banc de Binary spokesperson saying: “I don’t see how we can continue operating under such scrutiny and [with this] public image.”

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