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The International Financial Services Commission IFSC in Belize notified consumers last week that it has revoked the operations license for BDB Services Belize Ltd. The decision comes following months of repeated warnings to the company from the regulator. Banc De Binary, which also holds a CySEC license, denies these allegations and insists that they have left the Belizean market willingly.

The watchdog warned in its notice to consumers that the company has repeatedly violated regulations. This is not the first time in recent times Banc de Binary has been in the news for non-compliance.

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The company has already received several hefty fines and been warned by many regulators. The IFSC, usually known as a relatively lax regulatory commission, has been stepping up its oversight recently. Banc De Binary has categorically defended itself against these allegations. Additionally, the company claims they have voluntarily not applied for renewal. Because of its status as one of the biggest firms in the binary industry, Banc De Binary is subject to intense scrutiny, with its activities in several countries drawing the ire of regulators.

In , the company received concurrent fines for failing to disclose ties to another corporate entity and for failing to get approval for selling additional products. That was the second time the Cypriot watchdog has fined Banc de Binary the first was for non-disclosure during their application.

Furthermore, in January, New Zealand regulators flat-out denied Banc de Binary access to provide services in the country. Belize is actively attempting to toughen up its regulatory environment, as evidenced by the most recent action against BDB.

The watchdog has long had a reputation as a haven for financial companies and binary options brokers that are seeking an easy licensing process. Recently, however, the IFSC has taken a much more active role in policing the industry and actively warning against companies flouting the rules.

Before it moved against BDB, the company had warned consumers about several binary options and forex brokers that had been using falsified licenses to operate in the country.

During the past year, the number of warnings and sanctions handed down by the IFSC has increased dramatically.

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