The litigation team of our firm successfully applied for and obtained a worldwide mareva injunction and a disclosure order against Banc de Binary Ltd, a well-known Binary Option Firm, which renounced its CySEC licence a few months ago.

According to the interim prohibitory / freezing injunction, Banc de Binary Ltd is prohibited from alienating and/or using and/or transferring and/or charging in any way any assets in Cyprus or abroad (including movable and immovable property, shares and interest in companies or foundations in Cyprus or abroad), up to the value of the claim, until completion of the legal action filed against it by our client.

The Court also ordered the company to disclose their assets in Cyprus and abroad.

The interim order was issued ex-parte on 31/01/2017 and became absolute on 30/06/2017 after hearing.

Background

The Plaintiff, an investor/trader from Canada, was a client of Banc de Binary Ltd and had invested a considerable amount of money. Following a dispute between our client and Bank de Binary Ltd, a legal action has been filed in Cyprus during 2015.

After Bank de Binary’s decision to renounce its CySEC license, an interim prohibitory injunction was filed so that Bank de Binary Ltd is prohibited from alienating assets up to the value of our client’s claim.  The injunction was issued without notice (ex-parte) in favour of our client, and thereafter on the 30/6/2017 it became absolute, meaning that the interim order will remain enforced until the final completion of the legal action, subject always to Banc de Binary’s right to appeal the district court’s decision. 

Lawyers representing our client

• Angelos Paphitis, Managing Partner, Barrister  

You can find further information on interim orders in our related articles.