Important Legal Steps in the Fight Against Binary Options Scams
While the internet has ushered in an age of instant communication and made it possible to access a vast library of information from all over the world, it has also enabled a new generation of conmen and scammers. One of the newest and most dangerous kinds of web scams are the various binary options trading sites that have emerged across the web.
While these sites go to great extent to appear legitimate, they are nothing of the sort. These scammers use all manner of disinformation and confusion to hide their true intention, which is to take money from good-faith investors under the premise of potential investments that have no chance of ever paying out.
We have been active in the efforts against these scammers and are working directly with investors to get their money back. Now, governments are also starting to take action and are working to pass new legislation that would severely curtail the efforts of these binary options sites and in many cases ban them outright.
One country that is taking action against these sites is Israel. The country has been home to a number of binary options sites and recent waves of reporting there has uncovered the breadth of these groups and the dishonest and misleading practices they have employed to bring in potential investors.
The country is currently debating a law that would ban binary options sites outright from operating in the country. The legislation is currently being debated in Israel’s parliament and it’s unclear if and when it will become law. Furthermore, it remains to be seen to what extent it will hamper the efforts on binary scammers operating there.
Another country taking action is Canada. The country is reviewing the National Instrument 91-102: Prohibition of Binary Options act, which would “ban … the advertising, offering, selling, or trading of a binary option to an individual.”
While these steps are encouraging, it’s clear that they won’t entirely eliminate the threat of binary options scammers. These sites have long used the protections offered by operating in foreign jurisdictions to prevent investors from recovering their funds.
Fortunately, there are still steps that you can take to recover your money if you have been tangled up in one of these scams. We have put together an experienced team and have helped users recover millions in stolen funds.
If you have been affected by one of these scams, don’t wait. Contact us today to start the process of getting your money back.