Banc de Binary has begun extending its reach into Europe by achieving regulation from by Commissione Nazionale per le Società e la Borsa (more commonly know by its acronym CONSOB) or Italian Securities and Exchange Commission, which is Italy’s financial governing body. Detailed information about their registeration number and service obligation see the CONSOB document on Register of investments firms. The news that Banc De Binary Gets Italian Consob Regulation comes shortly after the announcement that Banc de Binary Expands it Language Support to include Italian.
This is to be the third license that the company has picked up on its regulatory journey. The first being by the Cyprus Securities and Exchange Commission and the second from the United Kingdom’s Financial Conduct Authority (FCA).
This is another in an ever-growing number of firsts for the company. It was the first binary broker to be regulated in Europe by being granted the CySEC licence. It then went on to be the first binary broker to be officially registered in the U.K and now is aiming to take a piece of the Italian market with this new CONSOB regulation. This news comes after Italy moved to block the ISPs of unregulated brokers several months ago.
It was uncertain what this would mean for the future of the binary options industry is Italy began to crack the whip. However, recognising the popularity and legitimacy of these trading instruments that are taking the world by storm, the Italian CONSOB has moved to license brokers and monitor their activities, rather than shutting the industry down completely. This move is a positive one in a largely unregulated industry as it means the number of regulated binary brokers is bound to grow. This will translate to an increased level of service and security for traders, which will in-turn feedback in on the industry, bringing more and more clients who are only prepared to trade if it means they have some measure of protection from the relevant governing bodies.
It’s also not a coincidence that Banc de Binary is the first broker to become licensed in the country. Banc de Binary is widely regarded as one of the safest and most reputable brokers in Europe. The company was also the first broker to become licensed in Cyprus by the Cyprus Securities and Exchanges Commission.
These three licenses strengthen Banc de Binary’s position in a marketplace that is becoming increasingly crowded and ensures that it remains ahead of the curve. The U.K’s FSA (Financial Services Authority) was recently dissolved and replaced by two new separate bodies. Banc de Binary’s registration is still valid however and has now been placed n the hands of the new Financial Conduct Authority (FCA)
In a shocking move earlier this year the company opted to withdraw from the American market. This was due to its services being unregulated there and was a decision taken by the company itself rather than being imposed from outside. In fact many brokers are still profiting from providing binary options trading services in the United States. Banc de Binary, keen as ever for everything to be above board, pulled out of the U.S and is now engaged in a regulatory application so that it can re-enter the U.S completely legally. Should this application procedure come to fruition it will make cement Banc de Binary’s reputation as the biggest and brightest star in the online trading universe.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.