The Southampton Football Club has recently signed a marketing deal with the binary options broker Banc de Binary. However, it was recently announced that the Premier League squad has chosen to back out of the deal. This comes after pressure has been mounting against many binary options firms that are unregulated.
In the past, Banc de Binary has been fined over $11 million by the United States CFTC for soliciting American traders and allowing the U.S. citizens to make illegal trades.
An investigation released in the Sunday Times found that many Britons end up losing thousands of dollars from binary options betting contracts and detracting sales tactics. One of the main problems is that there are still many scam operators that give false impressions of the business. Banc de Binary is actually one of the binary options brokers that is regulated by CySEC from Cyprus.
Not long ago, LeapRate reported that there are several online trading platforms located throughout Europe from both the binary options and the retail forex industries are working together to try to form a new industry association in order to set standards to help represent the interests of the sector.
Another interesting aspect to this story is that Banc de Binary is one of the founding organizations of the group, which will likely be named the European Brokers Association.