Month: April 2018

Categories
binary options cryptocurrency online trading

Facebook in Trouble Over Binary Options

Martin-Lewis-Fights-Facebook

Facebook under fire over binary options ads featuring Martin Lewis

One of the United Kingdom’s leading fiscal and consumer advice journalists filed a lawsuit against Facebook this week for allowing binary options and cryptocurrency ads containing his image that has ultimately caused unsuspecting consumers to lose their money.

Just three months after Facebook proclaimed it was outlawing all adverts for binary options, cryptocurrencies, and ICOs (initial coin offerings), well known British journalist and the founder of Money Saving Expert Martin Lewis is suing the company for defamation. The social media giant allowed paid Facebook ads, which promoted binary options to use his image. Individuals who clicked on the adverts and left their contact details complained that various binary options brokers contacted them.

Unfortunately, having the image of a famous person such as Lewis gives these fraudulent online trading companies an air of legitimacy. Most of the time these deceptive ads link to various imitation websites that are often designed to look exactly like genuine publications such as the BBC or CNN. One fictitious site even generated a video fabricating an endorsement from leading physicist Stephen Hawking to solicit its illegal services.

Lewis, when interviewed by Sky News stated “Enough is enough. It’s about time Facebook took responsibility. This is about stopping Facebook facilitating the ripping off of vulnerable people and destroying my reputation at the same time.” Additionally, he stated that he was aware of one particular woman who lost over 100 thousand pounds due to a fraudulent binary options advertisement with his image plastered on it.

A nightmare for Facebook

The lawsuit has the potential to turn into a nightmare for the social media titan since it is claiming that Facebook must be liable for all content that appears on their pages. A number of British analysts have stated that if Lewis wins his Facebook lawsuit, it could be in line for numerous other claims pertaining to what appears on their platform.

When pressed for a comment as to whether it would take into consideration the possibility of using its facial recognition limit the increasing number of unlawful deceptive ads featuring high-profile individuals, Facebook was unresponsive.

Take against binary options brokers

If you were the victim of a binary options scam be sure to fill out our complaint form: https://brokercomplaintregistry.com/binary-options/. Additionally, be sure to follow us on Facebook and Twitter so you can help spread the word and put these scammers out of business.

Categories
binary options online trading scam

Canada’s Binary Options Problem

Canada’s recurring binary options problem

Approximately seven months ago the Canadian financial regulatory authorities enacted a ban on brokers offering binary options to all retail traders. Unfortunately, these actions seemed to have had little to no results on certain brokers that have implemented new tactics in order to gather money from unsuspecting investors.

On April 12th the Investment Industry Regulatory Organization of Canada, more commonly referred to the IIROC cautioned Canadian traders not to be duped by fraudulent online trading brokers attempting to unlawfully sell binary options under the pretense of legitimate brokers regulated by the IIROC.

Binary options scams still exist

Recently the ombudsman has been made aware of at least two brokers that misleadingly state that they are regulated by IIROC:

  • CFDtradeoption.com – run by Westrade Holdings, Inc;
  • Globaloptionsmarket.net.

Binary options cannot be offered or sold to retail traders in Canada and the regulator has issued plenty of warnings, imploring Canadian citizens not to invest in these fraudulent companies. Under no circumstances are IIROC regulated entities authorized to sell binary options to retail investors in Canada.

This troubling tendency is bringing up concerns about how effective a blanket ban on offering of such toxic products as binaries to stop scams. ESMA, the European Securities and Markets Authority has recently put in rules that prohibit regulated brokers from offering binary options to retail investors. However, these recent developments in Canada call into question on whether a ban in Europe would, in fact, produce the wanted effect.

Opposition to the binary options ban

It should be noted that when the Canadian regulatory authorities first suggested to ban binary options, the proposal encountered stern opposition. The Investment Industry Association of Canada (IIAC), which represents 130 Dealer Member firms regulated by IIROC, asserted that the injunction should only include binary options scams offered by unregulated binary options brokers. The IIAC further maintained that its members should be allowed to offer binary options to retail traders.

Interestingly enough there have been proposals to allow trading binary options on an exchange, as this is allowed in the United States. However, opposed to that line of thinking are organizations such as the Canadian Advocacy Council for Canadian CFA Institute Societies (CAC), which heavily supported the binary options ban proposal and even went beyond it by questioning the status of OTC (Over the Counter) or more commonly known as retail Forex trading. The council questioned whether the sale of similar financial instruments to retail investors should additionally be restricted.

Get help now

If you were the victim of binary options or any online trading scam be sure to fill out our complaint form here and one of our representatives will get in touch with you.

Categories
binary options online trading

Google Play to Ban Binary Options

Google Play set to ban binary options

Google Play recently came out with new updates and policies for April 2018 spanning over a number of topics including hate speech, child endangerment, user produced content, fantasy sports apps, and app metadata. Additionally, included in the April memo was a short note concerning “a new policy on Binary Options”, in which Google play states the following:

“We do not allow apps that provide users with the ability to trade binary options.”

Last summer, after coming under intensive scrutiny from financial ombudsman across the globe, including ASIC of Australia and Canada’s several regional regulators, Google acted against a number of financial-related apps providing either unlicensed services, or apps that were known to promote dishonest behavior. Most of that “action” included removing numerous Binary Options trading apps linked to unlicensed and unregulated “offshore” firms. However, there was never a blanket ban against those types of apps. Regulated brokers providing Binary Options trading could remain on Google Play until now.

Apple, however, passed a complete ban on Binary Options apps at around the same time in its App Store. Last month, after increased pressure from various regulators Google AdWords issued a ban on all Binary Options associated ads, as part of a new controlled financial products procedure. Additionally, Google banned all crypto and ICO ads, and in June 2018 it will demand prior advertiser certification for running ads pertaining to other types of financial trading products including Contracts for Difference (CFDs) and spot forex. It comes as no surprise that Google Play is now taking similar action by instituting a blanket ban on Binary apps.

Is the end of binary options?

It’s becoming increasingly apparent that Binary Options trading – even when regulated – will not be able to make a comeback. Leading European regulator ESMA is additionally preparing a Binary Options ban. This comes as it is in the midst of enacting new laws governing leveraged and online trading. The new regulations are scheduled to come into effect across the EU later this year.

The new Google Play binary options policy for April 2018 can be seen here.

Contact us today

If you were the victim of a binary options or any online trading broker Broker Complaint Registry can potentially assist you. Get into contact with us here.

Categories
binary options online trading scam

Beware of Recovery Scams

scam alert

Secured Trade Investment: The latest recovery scam

For those who were the victims of online trading scams it is as one scam victim said to me, “living in never-ending nightmare”. Many do not know where to turn. For those who seek help, there is another sinister scam that has reared its ugly head: Recovery scams. Preying on those who were victimized, they actively solicit their fraudulent services, often with a guarantee that they can recover the lost funds. One company, in particular, is Secured Trade Investment.

It never ends

This “recovery” firm is the latest scam to further add a black mark on the online trading industry. They convince individuals that have been scammed by binary options brokers in particular that they can recover their stolen funds. However, in reality, that is just a ruse. Almost always, they demand a heavy upfront fee and do nothing, which means a second loss for the victim.

Made-up team members and fictitious testimonials are the most misleading elements found on the site. Supposedly Owen Beamont is the CEO and Mathew Macleod is the Assistant Manager of Secured Trade Investment but research has shown that both of these individuals do not exist.  These two invented identities are nothing more than images generated from an online image bank.

When viewing the contact information on the website we are given two separate addresses, the first being 7 Triton Square, Regent’s Place, London NW1 3HG UK. Unsurprisingly, when this address is entered into a Google search query the company that matches this address is not Secured Trade Investment. Additionally, the second address, 1270 E Broadway Rd, Tempe, AZ 85282 is associated with a different business

What is most disturbing about Secured Trade Investment is that they seem to be directly conspiring with the very same fraudulent forex and binary options brokers. Numerous individuals have told us that Secured Trade Investment had their information before they submitted their claim.

Take action today

It is without a shadow of a doubt that Secured Trade Investment is an online trading recovery scam. If you were the victim of any recovery scam be sure to let us know and we will do our best to assist you. Additionally, if you have any suspicions about any recovery service be sure to alert Broker Complaint Registry.