Crypto News 

CFTC pushes for another default order in binary options, bitcoin fraud case

“The United States Commodity Futures Trading Commission (CFTC) maintains its efforts to tackle binary options and cryptocurrency fraud” reports financefeeds.com. After pushing for a default order against Dillon Michael Dean, at the helm of a $1.1 million fraudulent scheme, the regulator is now seeking a similar order against the company he ran – The Entrepreneurs Headquarters Limited (TEH). Source: financefeeds.com Share This:

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Norway to follow ESMA’s schedule for banning binary options, restricting CFD offering

“The calculations cover approximately 1,000 customers trading CFD over a period of between one and two years” reports financefeeds.com. The Financial Supervisory Authority of Norway (Finanstilsynet) has decided to follow the schedule announced by the European Securities and Markets Authority (ESMA) for banning binary options and restricting the offering of CFDs to retail investors.As a part of these inspections, Finanstilsynet has assessed the business customers’ trading results.The Norwegian watchdog has, on several occasions, investigated foreign providers of binary options that have targeted Norwegian investors without a necessary license. Source: financefeeds.com Share…

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CySEC Chairwoman: ESMA CFD and Binary Options Rules Apply to Non-EU Clients

“Aimed at protecting retail investors, they prohibit the sale of binary options and place severe restrictions on contracts-for-differences” reports financemagnates.com. The Cyprus Securities and Exchange Commission (CySEC) has announced that the upcoming product intervention measures on contracts-for-differences (CFDs) and binary options will be applied to clients outside of the European Union (EU).The new regulations, which were made possible by the Markets in Financial Instruments Regulation (MiFIR), will apply to binary options from the 2nd of July 2018 and to CFDs on the 1st of August 2018. Source: financemagnates.com Share This:

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Brokers News 

UK Watchdog Updates Blacklist of Unauthorized Binary Options Brokers

“The FCA is not the only government agency to move against binary options” reports financemagnates.com. The regulator maintains a blacklist of binary option brokers based upon information received from consumers, partner agencies and from monitoring the online market.In what UK police have described as the biggest operation of its kind, officers swooped on the offices of 20 binary options brokers to review their compliance documents and gather intelligence on different types of investment fraud.In line with practices across most of the EU, the FCA has brought certain types of binary options within…

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Crypto News 

Losses due to binary options, cryptocurrency scams grow in 2017, Australian consumer body warns

“Binary options scams appear to have peaked in 2016 and reduced in number of reports and in reported losses in 2017, the ACCC report indicates” reports financefeeds.com. Investment scam losses reported to the ACCC increased from $23.6 million in 2016 to $31.3 million in 2017, marking a 33% increase.Losses to investment scams reported to ACORN and the ACCC exceeded $64 million in 2017.Analysis of investment scam reports did not reveal any particularly new techniques used by investment scammers suggesting the same tricks used in previous years remain effective. Source: financefeeds.com Share…

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CFTC action against Blue Bit Banc put on hold, criminal case continues

“The civil case against Blake Kantor, Nathan Mullins, Blue Bit Banc, Blue Bit Analytics, Ltd., G. Thomas Client Services, and Blue Wolf Sales Consultants, accused of perpetrating a binary options and virtual currency fraud, has been put on hold amid a developing criminal case” reports financefeeds.com. The defendants are accused of having solicited potential customers through emails, phone calls, and a website to purchase illegal off-exchange binary options via companies such as Blue Bit Banc.The defendants sought to cover up their misappropriation by inviting customers to transfer their binary options…

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Binary options fraudster pleads guilty, enters into agreement with US Attorney

“A binary options fraudster has entered into plea agreement with the United States Attorney for the District of Massachusetts and faces sentencing in August” reports financefeeds.com. Leonel Alexis Valerio Santana, who was one of the organizers of a binary options recovery scam, appeared before the Court on May 10, 2018. Since June 2015, at least 25 of those targeted have sent money to the fraudsters, totaling more than $235,000.In the plea agreement, Santana expressly and unequivocally admits that he committed the crimes charged in Counts One and Two of the…

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Russia set to regulate binary options as gambling products – Central Bank report indicates

“If Russia labels binaries as gambling instruments, then binary options advertising is also set to be allowed” reports financefeeds.com. The Annual Report for 2017 of the Central Bank of Russia indicates that the Russian authorities view binary options as gambling instruments and work on a legislative piece that will regulate them as such.The bill envisages rules for the contracts involving binary options.However, Mr Lyakh conceded that thus far the Central Bank has not closed any binary options website, based on the fact that a website offers binary options, as the powers…

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NY Court tells binary options, virtual currency scammers Blue Bit Banc, Blake Kantor to take websites down

“The defendants are accused of having solicited potential customers through emails, phone calls, and a website to purchase illegal off-exchange binary options via companies such as Blue Bit Banc” reports financefeeds.com. The defendants sought to cover up their misappropriation by inviting customers to transfer their binary options account balances into a virtual currency known as ATM Coin.The assets affected by this paragraph include both existing assets and income and assets acquired after the effective date of the Order. Source: financefeeds.com Share This:

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