News 

DOJ, FBI warn about fraudulent recovery firms targeting clients of BinaryBook and BigOption

“They were charged in an indictment returned in the District of Maryland with one count of conspiracy to commit wire fraud and three counts of wire fraud” reports financefeeds.com. Scammers appear to be targeting individuals who have previously sent money to binary options entities, especially BinaryBook and BigOption.The public is reminded that the FBI and DOJ do not call private citizens requesting money or bank account information.The FBI and DOJ stress that they have not authorized any employees or affiliates of BigOption, BinaryBook, or any other entity to act on…

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Crypto News Platforms 

Binary Options Scams Spread Into Crypto, Time for US Lawmakers to Act

“Already a high-risk investment strategy, binary options platforms are often based online and are hard to regulate” writes Henry Linver for cointelegraph.com. Giving any or all of these to fraudulent binary options platforms can allow malicious actors to steal your identity.In the last two months alone, the CFTC has clamped down on fraudulent binary options schemes operating in the U.S. worth over $15 million.The same is true for binary options trading.Unfortunately, navigating binary cryptocurrency options has proven easier said than done for many inexperienced investors. Source: cointelegraph.com

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Crypto News 

Court Orders $4M in Penalties for Investment Fraud Involving ATM Coin

“A New York court has ordered defendants to pay $4.25 million in penalties for investment fraud involving the cryptocurrency ATM Coin” writes Helen Partz for cointelegraph.com. At the time, the regulator charged the defendants with fraud in connection with a binary options scam involving a virtual currency dubbed ATM Coin.In late September, decentralized data governance startup Band Protocol released its Bitcoin (BTC) and Ether (ETH) binary options app running on the Ethereum’s blockchain.While the court eventually charged that the defendants committed fraud and misappropriated client funds through investment in binary…

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News 

CFTC settles charges against ex-employees of fraudulent binary options scheme Yukom Communications

“The United States Commodity Futures Trading Commission (CFTC) on Monday issued three orders filing and simultaneously settling charges against three ex-employees of fraudulent binary options scheme Yukom Communications” reports financefeeds.com. In August this year, the CFTC charged Yukom, along with four other entities and four individuals, with operating an illegal and fraudulent $103 million global retail “binary options” trading enterprise that targeted and victimized U.S. residents. Source: financefeeds.com

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Crypto Markets News 

Sequoia-Backed Startup Enters DeFi Market With Bitcoin Binary Options

“The Sequoia-backed data management startup, Band Protocol, announced Monday the mainnet of its decentralized trading app” reports coindesk.com. Founded in 2017, Band Protocol provides a platform for decentralized data governance on public blockchains such as ethereum, EOS and Cosmos.Dubbed BitSwing, users can take long or short positions on bitcoin’s price within a one-minute time horizon.The dapp functions as a brokerage – without a centralized authority to confirm prices or collect fees – for ether-denominated binary options. Source: coindesk.com

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News 

ESMA seeks feedback on effects of CFD restrictions and binary options ban

“With regard to binary options, there were no new authorisations of firms offering binary options to retail clients and the regulators reported limited non-compliance in relation to the prohibition to market, distribute or sell binary options to retail clients” reports financefeeds.com. For binary options, this number was relatively small in comparison to the number of retail clients before the ESMA prohibition of providers of binary options.Following three consecutive renewals, these temporary measures expired on July 1, 2019 for binary options and July 31, 2019 for CFDs.The temporary product intervention measures of…

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Brokers News 

SEC targets binary options marketer who caused 25,000 investors to make deposits with unregistered firms

“These unregistered brokers offered and sold binary options referencing securities over the Internet to investors in the United States” reports financefeeds.com. They also disseminated false and misleading binary marketing campaigns create by other affiliate marketers.The six binary options affiliate marketing campaigns in which Szatmari was involved are: The misleading websites and videos were viewed by more than 350,000 persons and caused more than 25,000 investors to make deposits for trading binary options with one of approximately 35 unregistered brokers.The United States Securities and Exchange Commission (SEC) continues to target binary…

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News 

FFAJ FX and Binary Options Volumes Fall MoM in February

“Similar to OTC trading volumes, when measured against January, this is down by 37.9 per cent” writes Celeste Skinner for financemagnates.com. During the second month of 2019, the number of OTC forex margin trading operators registered with the FFAJ was 54.When comparing this against January, which reported a trading volume of ¥35 billion, this represents a fall of 1.6 per cent.The trading volumes for on-exchange contracts does not look much better in February, with trading volumes falling by 27.5 per cent from ¥2.4 trillion in January of 2019 down to…

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News 

US authorities cast wider net in fight against binary options fraudsters

“Lissa Mel was charged on November 16, 2018 by criminal information with one count of conspiracy to commit wire fraud” reports financefeeds.com. Lissa Mel is an Israeli citizen who is alleged to have participated in a conspiracy to commit wire fraud in connection with the sale and marketing of binary options.Defendant Austin Smith (a/k/a “John Ried”) was charged with one count of conspiracy to commit wire fraud in a criminal information on February 25, 2019.Defendant Yair Hadar (a/k/a “Steven Gold”) was charged with one count of conspiracy to commit wire…

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