Binary Options Scam Spreads Into Crypto World


Binary Options Scam is spreading Into the crypto world. For cryptography enthusiasts, each case of wider integration with traditional finance is a reason for celebration. For the many critics of crypto detractors, these new modes of trading only open the door to a rogue sector. That instability could have serious consequences.

07 November 2019, AtoZMarketsRegulators in the United States, such as the Securities and Exchange Commission and the Commodity and Futures Trading Commission, are busy with a new generation of scammers. They are seeking to free investors from their funds. In the past two months alone, the CFTC has cracked down on fraudulent binary options schemes. Those are worth more than $ 15 million in the United States.

Binary Options Crypto Scam

Already a high-risk investment strategy, binary options platforms are often based online. And they are difficult to regulate. Unfortunately, navigating the binary cryptocurrency options has proven more natural to say. That is more than to do for many inexperienced investors.

ATM’s Crypto Coin Scam

Binary options trading is relatively new in the cryptography industry. But scammers find themselves quickly in the dock, facing hefty fines. On November 1, the CFTC announced that a New York court had sentenced defendants to pay $ 4.25 million in penalties. It is for an investment fraud scam involving an ATM’s crypto coin. The Eastern District Court in New York has issued an order against several entities for fraud and embezzlement of customers.

The defendants are physical and legal entities around the world, including Blake Harrison Kantor and Nathan Mullins, as well as four corporate entities. Those are Blue Bit Banc, based in Turks and Caicos, UK-based Blue Bit Analytics. Also, the defendants are two New York-based companies Mercury Cove and G. Thomas Client Services.

The sentence was only recently served. But the CFTC’s Virtual Currency Task Force first filed the case on April 16, 2018. That was accusing the defendants of fraud. According to the CFTC, the defendants embezzled funds from customers obtained through binary options. They were converting Blue Bit Bank’s investments into pieces of ATMs. And they told the investors that they were worth a substantial amount of money.

Read More: How to make a Bitcoin Paper Wallet

The Circle Society Scam

The $ 4.25 million penalties imposed on binary option scammers in November. However, it was CFTC’s second successful strike in the past two months. On October 16, the regulator filed a civil enforcement action against the Circle Society.

The CFTC announced that it would charge the Nevada Corporation and its owner, David Gilbert Saffron. The charge was for fraudulent solicitation, embezzlement, and violation of registration about an $11 million binary options scheme.

However, going back to December 2017, the CFTC claims that the Saffron and Circle Society has fraudulently solicited at least $ 11 million worth of Bitcoin and fiat money to exchange in binary exchange options on foreign currencies and cryptographic currency pairs.

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  1. Lisa owens says:

    unfortunately I also invested with some scam brokers in the past, and the story is as horrific as the ones I have read because I went through the ordeal myself. I have lost hundreds of thousands to my greed. Please stay clear of these scammers and the least you can do is to stop doing what you are doing.

  2. Sofia smith says:

    Recent observation has shown an increased interest in making a fortune from cryptocurrency but too many people seem to go into it without having a properly laid out strategy which is very important irrespective of your holding or trading route. The most certain way to avoid losses is trying out several strategies then sticking to the one that works for as long as it works

  3. Dan Delaney says:

    I was scammed by a binary option website iq options to be exact. I lost about $153,000 to them. It was a really hard time for me because that was all i had and they tricked me into investing the money with a guarantee that i will make profit from the investment.

  4. Gunter Jonas says:

    Please always be careful when choosing where to invest and trade, i was scammed after they convinced me to invest with them hoping to get my profit back. After depositing my first $300,00 waiting to receive my profit after 7 days I waited for over 3 weeks no profit was sent to me , I contacted their customer support team they requested I deposit another $50,00 before they can processed my withdrawal request. I deposited the $50,00 making it total $350,00 and I waited to receive my payment still no profit was sent, i contacted their customer support again this time none of my messages or calls were answered. At this point I became frustrated because I lost all the money,in search for help on how I can get access to my fund I was directed to contact some agencies who will help me recover my money back,

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