Canada Says Bye to Binaries

[Elisabeth Schenk]

BE CARFULLY with 24Option/Rodeler/Steinweg
Mr. Junker looks at how criminal online brokers register in Cyprus. Financial supervision does not succeed with the work and can not control it. The brokers can legally steal the old-age provision in the EU countries by false advertising and pretension of false facts. With 10 company names a broker makes 1 million daily. Have received today a letter in the name of the finance minister: Another basic rule is: Buy only what you also understand. Financial products are often very complex and are often presented more complex. I asked myself 2 years ago with FMA, since I was not told so !!!! I have signed this broker a form "knowledge and experience", which I have no idea of financial transactions. For a normal bank I would be deleted immediately. These online brokers have the same laws by MIFID 2004 as a normal bank. Why Hr. Junker did you allow that? They were themselves in the finance business. After 2 years I feel that under the eyes of the EU fraud and especially money laundering are allowed. And with the citizens the feelings are hurt.

 

[Elisabeth Schenk]

24 Option/Rodeler/Steinweg
The right regulated banks should cooperate with the criminal online broker. Therefore, no action is taken in the 26 EU countries. Belgium whistles on EU Parliament and has banned the online broker. A broker with 6 different names steals 1 million euro daily to the decent, old citizens and on the way dead bodies, homeless people, suicide every day. And their own government does not even answer .
my case would have been sent in the stock exchange ARD, 24 option / Rodeler has achieved that nothing can be sent. Here, the owner of 24 option, Roey Hayun due to another fraud since September 2016 is in prison for 23 months.
The binary options, on the other hand, are simply the bet: right or wrong - everything or nothing. As if the risks were not sufficiently big, there is also the fact that trading with binary options runs completely unregulated. The many providers on the Internet are generally not subject to financial market supervision. You blindly trust that you are dealing with a serious partner, but this is often not the case. There are quite a few unreliable vendors in the net where you have no guarantee that you will actually receive your winnings and your bets even on the right bets.
So you have to ask yourself: Who is liable and guaranteed for my money? For a bank or financial firm that is regulated by a state regulator, you can estimate that. You have no guarantee for a non-supervised company on the Internet, especially since many of these companies are located abroad - some in Cyprus, for example. How exactly do you want to take action against such companies if they do not keep their promises?

 

[meal4wildcats]

Great news. Perhaps this will help more of the chargeback attempts by scammed victims get their money back. It could be useful to quote this article in any chargeback application, at least the card companies can't plead ignorance that theft is taking place and they are in fact complicit in the scam!!!

True. Really applaudable move there by the Canadian Govt. If only many others could emulate them.
And you are spot on there , Tryingtrader. THERE IS Complicity on the part of credit card companies. If anyone out there hasn't tried yet, just apply for that chargeback; then wait and see what a spin yo will be taken on!
sparks007..you 'may' not have been lucky.. You WERE extremely that! Sadly, many of us haven't been.

 

[Pharaoh]

Binary companies are already fleeing from Israel. They are hiding in Eastern Europe and SE Asia. We need some more countries to ban them and some more prosecutions against them to finally end the binary scourge.

 

[mbreitfelder]

Yes this is true, but what we are discussing here actually has nothing to do with 'Binary Options'. These scumbags have hijacked the name and used it to dupe financially ignorant people into parting with their money in the misguided hope of making unrealistic "profits". The 'True' Binary Options work from established and licenced exchanges and are monitored by commissions that ensure rules are followed. These scammers, on the other hand, simply want as many naive people as possible who understand nothing about the Binary Options trade to load their accounts with money in the hope of making the promised quick buck. When they loose their money (as most do) they are stunned, then realise they have been taken for a ride by very well rehearsed con men who originate from the on-line betting business. Con, Scam and Fraud is what these guys do best ...... nothing to do with the Binary Option business.

It goes back further than the online gambling. The SEO is the worst thing, you can't do your due diligence because the bad stuff is hidden 5 pages into a Google search. How many people go beyond the second or third page.

 

[REKlement]

Yea, good way of Canada CSA. I did not participate in trading on binary options, but I know several traders who were very disappointed after the option brokers deceived them.

 

[danielsoy]

Time will tell if its the final cure, or another way to make believe....

 

[oscarra]

https://www.financemagnates.com/bin...ions-illegal-goes-credit-card-tech-companies/

“The problem with the ban is that binary options were actually never legal to offer and advertise in Canada. No company that has been selling the product in the country has been regulated or registered in Canada, hence the hollow action of the CSA comes as too little, too late”

...well, in that case never too late to sue and jail the gang, including financial credit institutions having allowed it

 

[scott11]

Country after country has been banning binary, which has certainly damaged its reputation and prospects. However, I think it does serve a purpose loosely similar to Insurance. Is there anyone who has benefitted from taking a position in binaries?

 

[Tryingtrader]

Country after country has been banning binary, which has certainly damaged its reputation and prospects. However, I think it does serve a purpose loosely similar to Insurance. Is there anyone who has benefitted from taking a position in binaries?

The only purpose these Binary Options serve is to permanently take money from naive people and place it in the bank accounts of crooks. There is no other reason for their existence! Yes it is done very well and smoothly, looks professional and uses words like 'Invest' and 'Profit', but the whole thing is a scam and has been known about as such for a long time. Google searches will not find the incriminating evidence unless you dig down to page 5, 6, or 7 of the results. These scammers have used software to achieve this, preventing potential victims from learning the truth until it's too late. Once the deposit of money has been made it's gone for good!