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Complainant Name:
Banc de Binary

Clauses Noted: 1

Publication: The Mail on Sunday

Complaint:

This complaint was originally made to the PCC. As the PCC closed on 8 September the complaint was resolved by the Independent Press Standards Organisation (IPSO) under PCC procedures. IPSO is the new independent regulator of the newspaper and magazine industry.

Banc de Binary complained to the Press Complaints Commission that an article included a number of inaccuracies in breach of Clause 1 (Accuracy) of the Editors' Code of Practice. The complainant was concerned that the newspaper's account of an investigation following a complaint from a reader against the company was misleading and inaccurate.

Resolution:

The complaint was resolved when the newspaper made amendments to the online article and published the following statements:

Statement from Banc De Binary

Banc De Binary would like to make clear that at no point did J.R.R suffer any financial loss from the disputed transfers mentioned in this article. The balance of J.R.R.'s funds remained, untouched, in his trading account which only J R. R. had access to. At no time did Banc De Binary attempt to prevent J.R.R. from withdrawing these funds and we received no formal complaint from J.R.R. on this matter.
Upon any deposit being made to a client's account, an automated email is sent to the client confirming the transaction keeping them fully appraised of activity. In addition, the balance of the client's account is displayed on screen at all times whenever clients log in.

Statement from the Mail on Sunday

On September 1, 2013, we said US authorities were saying the Banc de Binary was not truthful in declaring it was not providing services to US clients. In fact, at that date, the company had not been accepting trades from US clients. The article also incorrectly stated that a customer of the firm had been asked to change his mind about withdrawing funds. He had been asked to request a withdrawal rather than instituting a charge-back from his bank.

Date Published:

06/10/2014



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