What is the purpose of these Regulatory Authorities in the face of these Binary Option Scams?

They are largely helpless, and they know it. They can do very little in the internet age to defend their citizens against the peril of this need breed of scammers – ie. unreglated offshore binary option “brokerages”. Perhaps they can somewhat regulate those operating in their own jurisdications – but they are obsolete in the face of this billion dollar threat facing their own innocent citizens.