In recent months pressure has been mounting against unregulated and binary options firms. With the public discourse against these companies it comes as no big surprise that the Southampton Football Club, which is a member of the Premier League, has decided to back out of their recently signed sponsorship deal with the binary options broker Banc de Binary.
With a recent investigation into the binary options industry completed by the Sunday Times it was found that many Britons have lost thousands of dollars from binary options trade deals and false sales tactics. One of the main issues that arises in this industry is that there are still many scam operators and unregulated brokers out there that give false impressions. However, Banc de Binary happens to be one of the regulated brokers as they are under CySEC located in Cyprus.
Even though Banc de Binary is regulated, they have been fine more than 11 million dollars by the United States CFTC for soliciting citizens in the United States and allowing illegal trades to be made.
One interesting twist in this story is that Banc de Binary is a founding organizer for a group of binary options and retail forex trading companies throughout Europe that are attempting to form a new industry association in order to set better standards.