FPA Forums and Reviews Admin
Want binaries banned in Europe?
Provide evidence NOW!
Provide evidence NOW!
Have you been scammed by a binary options broker? Would you like to see the European Securities and Markets Authority ban binary options? If so, you need to provide evidence now.
What's going on
EMSA, the European Securities and Markets Authority is considering restricting or completely banning binary options. They want input by February 5th, 2018. I don't know if they mean it must be received before February 5th or before February 5th, so please try to get your submission submitted by February 4th. If you miss the deadline, there's nothing the FPA can do about it.
You may also post your information below if you want to share it here, but that does not submit the information to EMSA. You must submit your own information to EMSA yourself.
The call for evidence covers binaries, CFDS, and even crypto trading. The second 2 subjects are important, but the FPA considers the possibility of getting binaries banned to be the most important part. If you have input about CFDs or cryptocurrency trading, go ahead and submit it.
Your information CAN help get binaries banned
People often ask why they should bother to complain, since the regulators don't do anything. In this case, the regulator is asking for evidence. This is your chance to share your experiences and know that the regulators will be looking at it.
Right now, there are binary companies submitting their own comments, claiming that binaries are a wonderful and fair opportunity for traders to make money. What happens if victims of binary scams say nothing and the brokers are the only ones who comment? Little or nothing. What happens if thousands of victims come forward, tell their stories and provide evidence? If this happens, the best binary brokers can hope for is very tight regulations. The more likely option is that binary options gets banned in Europe. This would be a huge step towards ending binary options worldwide.
My message to everyone who was scammed by any binary options company is simple. If you want to help put an end to binary options, follow the link and submit your evidence.
Submitting your evidence to EMSA
Here's what the submission form looks like...
Let me try to clarify a few points on the form.
Activity: I suggest selecting "Individual" from the drop down list.
Institution in this case would be the binary company which caused the problem. To further make it plain that you were not an employee, I suggest writing "Client of" followed by the name of the binary broker. If you have been scammed by more than one binary broker, fill out a form for each one.
Your response and other evidence must be uploaded as files. As it says, you can only upload pdf, txt, doc, docx, xls, xlsx, ppt, pptx, pps, ppsx, odt, ods, or odp files. Zip files are not an option. Images are important, but cannot be included as separate files. Include your images in a document or power point presentation.
You get a choice about whether or not your submission will be publicly published on EMSA's website. If you want the world to see what the broker did, you can leave the box checked. If you prefer not to have it publicly visible, check the box. If you do plan for your submission to be public, edit out anything you don't want published from your files before submitting them. Your credit card numbers, bank details, and other personal info should be edited out first.
This is going to regulators who are familiar with complaints against binary options companies. Saying things like "they are the biggest scammers in the world" isn't going to help. Saying "Here is the evidence of how they would not process my withdrawal" is helpful, if you include the evidence.
What kind of evidence should be included?
Start with the name of the company. The date you opened an account. How much you initially deposited. Did the "account manager" trade for you or tell you to make trades? Were you pressured into making more deposits? Were your withdrawals blocked? If you have screenshots or emails to support any of this, include those.
Do you have evidence of price manipulation? Something like 2 hedged trades on the same item with the same expiration date both losing? Price suddenly moving to cause your trade to lose while another price feed doesn't show any sign of movement? If you have anything like this, tell about it and include images if possible.
If you chose to have EMSA publish your submission, remember to edit out any private information before submitting the documents.
Need more information?
If you wish to read all the details, CLICK HERE to access the whole document on EMSA's website.
Ready to give your evidence?
Are you ready to provide information? CLICK HERE to go to the response from on EMSA's website.
I'd like to thank FPA member retribution2u for bringing this to the FPA's attention.