(SI Newswire) In less than 10 years the binary options industry has gone from a concept, to a business opportunity, to an industry, to a multibillion dollar global crime wave. Now the authorities in the countries where these unregulated binary operations function, including Israel, United Kingdom and Canada, have set down new laws in the hope that this will put a stop to a criminal operation that is out of control.
Unfortunately, in reality, the binary scammers are closing their operations in the aforementioned countries and moving to a jurisdiction where the regulators either don’t care or haven’t the regulation to stop them. There are currently successful individuals and companies fighting on behalf of binary options victims to recover their money.
Binary Options in 2018
Having been outlawed in their major countries of operation, the people behind the binary options scam are moving to alternative jurisdictions that allow them to continue. The first phase of this move began a couple years ago as the combination of low wages and no regulation made countries like Ukraine or Bulgaria very attractive. The official outlawing will lead to a mass exodus as it becomes impossible and illegal to continue operating from Israel, UK, US or Canada. Many of these companies are now pivoting their operation, promoting CFD stocks and cryptocurrencies as the “new investment tool to make you a fortune from a $250 investment”.
Recently, Spot Option – the number one platform provider for binary options companies declared that they will be ceasing any and all binary options trading and focusing solely on CFDs and cryptocurrencies. The fear amongst consumers and regulators is that this is the same scam wrapped up in a different package. Only time will tell, but Spot Option were one of the first to move out of Israel, setting the trend for 2018.
Bad investment vs. Fraud
One of the crucial aspects of the binary options scam is the client realizing that they have been a victim of fraud, not that they were unlucky in their investment. The difference is huge and those behind binary options fraud are desperate to keep their victims in the dark.
If you are the victim of an ill-advised investment, it is an unfortunate situation, but not necessarily illegal. Being the victim of fraud is something else entirely. The perpetrators of the fraud are acting illegally and can face prison for their actions. This is the current situation with the CEO of an unregulated binary options brand who was arrested recently by the Federal Bureau of Investigation (FBI). In the affidavit of the arrest, it insinuates to the platform providers being implicit in the fraud operation, increasing or decreasing the “risk” of investment in order to build up and then clear out the client’s funds.
Can the victims get their money back?
If you have been the victim of an unregulated binary options scam then you are 100% eligible according to the law to recover what was stolen from you. With the right approach and evidence of the fraud you were a victim of, you can recover your money. Those behind the binary options scam want to sell the idea that what happened to you was an ‘unfortunate investment’ when in reality what happened to you was theft via elaborate means.
If you were the victim or know a family member or friend who was a victim of binary options fraud, you should speak to a financial fraud expert - it is not too late to recover your money.
Update* - There have been complaints and reports from victims of the binary options scam being approached by fraudulent recovery companies. This is where, in a desperate attempt to avoid paying back these individuals, binary options scam companies will pose as recovery companies when in fact it is at best a stall tactic, and at worst, another scam.