Google involves in US FBI binary options investigation


The tech gaint Google vows its support to US FBI binary options investigation by providing confidential emails of the brokers and its clients. The intelligence agency is in bid to wipe out the fake firms in the country violating US regulations law.

28 September, AtoZForex - The US intelligence agency started keeping its close eye on unregulated binary options industry. Google handed over confidential emails between binary options technology providers and their clients to the US Federal Bureau Investigation (FBI).  Especially, the information from the court documents is related to the arrest of Lee Elbaz, the CEO of Yukom. The involvement of the tech giant in the investigation raises a red flag for a number of industry insiders.

US FBI binary options investigation details

The US authorities committed to a major offensive against the binary options industry after years of client complaints. The resources committed to the investigation by the US government appear to be substantial.

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However, the spy agency is actively and concertedly investigating binary options fraud. And, also it will pursue justice anywhere on earth. Probing into the case of Yokum CEO, FBI has found a large percentage of all binary options fraud carried out from call centers in Israel. Although, the industry’s shell companies and payment processing infrastructure spread throughout the world. The FBI invited anyone who feels they have been a victim of binary options fraud, no matter where they live in the world, to come forward.

FBI warning for broker's victims

The affidavit provided along with the case of Lee Elbaz shows the scale of the operations against only two unregulated brands. Eighteen clients of BigOption complained of solicitation and have deposited close to $143,000. According to FBI data collection, between 2014 and the fourth quarter of 2016 BinaryBook received $98.9 million worth of deposits. There is no information in the document regarding what proportion of funds have clients deposited. Moreover, US authorities have been very successful in tracking down binary options brokers operating in the country. In February 2016, the SEC settled for $11 million with Banc De Binary. Earlier this year, the CFTC charged binary options affiliates operating in the US in a case worth $16 million.

Moreover, FBI has published a warning cautioning the public against unregistered Binary Options websites. It stated that criminals use unregulated Binary Options websites as tools to commit fraud. Where regulated Binary Options are listed on official US exchanges approved by US CFTC, NADEX, and Cantor Exchange, the FBI cautions US citizens that a number of Binary Options brokerages operate via websites that do not comply with US regulatory frameworks. Moreover, the FBI states that the Binary Options fraud is on the rise. The agency adds that it is in its crosshairs. Specifically, from just four complaints in 2011, the number of complaints grew to hundreds. Clients have reported losses worth of millions of dollars during last year.

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