Cyprus & World News

Banc De Binary gets CySEC license

08 February, 2013

 * Aims to reach 500,000 accounts by end-2013 *

Banc De Binary, the first binary options firm to secure a trading license by the Cyprus Securities and Exchange Commission, has set an ambitious target to double its current client base to 500,000 accounts by the end of 2013.
Oren Laurent, chairman of the online investment house that has operations in four countries, said Banc De Binary currently employs 230 people and plans to open an office in Nicosia to complement its Limassol operations.
Trading on includes 90 assets in commodities, currencies, indices and stocks, which Laurent believes will very soon outpace the online forex trading companies.
“Half of the Fortune 500 companies were established in times of crisis,” he said, adding that plans for Banc De Binary include expansion to Asia and the Australian markets.
Laurent explained that in the case of binary options, the profit and loss markers are ensured in advance, but that regulation was still slow kin some countries, which is why he is pulling out of the U.S. and will use his CySEC license to secure a pan-European passport.
Taxation, too, is still a bit fuzzy, but Banc De Binary plans to stay here until new rules kick in.
Meanwhile, the five different types of accounts, starting from the basic 500-dollar account and going up to the 50,000+ VIP account, are generating a revenue stream of about 100 mln euros, which is also contributing to the Cyprus economy, Laurent said.