Banc De Binary is a website that allows people to bet on the price of gold, oil or stocks. It is a Cypriot private enterprise. It specializes in fixed return options on different types of assets including commodities, stocks, indices, and foreign exchange. It is maintaining via online website. When the commodity price go up or down in a certain period then the customer can buy or sell binary ("call" or "put") options to make profit.
It is an associate of Spot Option Exchange and they set all the price of the options. But the price of the option is not a market price; it is just set by the Spot Option Exchange itself.