As EUROPOL holds an international summit on how to enforce the law onto binary options firms, it is worth asking whether working as an employee in that particular industry sector is really worthwhile, or whether it constitutes being an accomplice to what is being considered by international regulators and police departments as fraudulent.
This is the parlance that has been bandied around among young members of staff at binary options brands during the last decade with liberal vigor, partly in an attempt to convince themselves that, despite the dubious nature of the sales procedure and the even more dubious nature of the weighted gambling product that is neatly disguised as a trading environment, they are somehow earning an honest living and that it is those at the top that are to blame, and not those who are, well, just doing their job.
In Israel, where the vast majority of binary options brands either originate, or obtain their market making and platform services, what has become a vast business sector that has drawn disdain from the highest level of Israeli politics, including Israel Securities Authority chief executive Professor Shmuel Hauser, many young people who have recently arrived in the country, often from very good families in the Jewish diaspora, found themselves accepting positions in binary options call centers, lured by potentially high bonuses which would go some way toward mitigating the high cost of living in Tel Aviv.
Very recently, Banc de Binary, one of the largest brands in the entire business, shuttered its entire operations and ceased its business activities. FinanceFeeds has received sufficient information over the last few weeks to understand that many more will follow. Simply, the laws may well just put a stop to the ease of doing business, making it no longer viable to carry on, hence staff and management will simply move on to something else.
Last week Dead Sea Products and Green Card lottery scams, this week binary options, next week something else that relates to lead recycling and stealing money from unsuspecting people on false pretenses. For those employees that think they are just a cog in a machine, receiving their salary every month, and that the owners and orchestrators of the binary options business within which they are simply a mere employee, there may be a rude awakening in store.
Bearing in mind that EUROPOL is a law enforcement agency rather than a financial markets regulatory authority, it has powers to go back through the entire records of each brand and prosecute those involved, including people who picked up the telephone, called people whose names were on leads, and persuaded them to deposit, knowing full well how the zero-sum game of your deposit is my profit binary options works.
It would be churlish to assume that any 25 year old binary options salesman would be able to convince a Europe-wide law enforcement agency that they were not aware of the nefarious nature of the product that they were selling, thus making them an accomplice and a key component in this fraudulent activity.
The regulators may well stop the practice continuing, but the likes of EUROPOL and the Serious Fraud Office have the power to conduct full enquiries and hold responsible every individual who took part, regardless of location.
Recently, the Israel Securities Authority raided the office of iTrader, which is a warehouse FX brokerage that was selling to Israeli customers. Outside of the recent developments within EUROPOL to put a global stop to this activity and investigate its perpetrators, France, a country which has witnessed its population being a large target for binary options fraudsters, had begun working with the Israeli police quite some time ago in order to locate and hold to account 15 operators of FX and binary brands.
Now it is escalating. The question is, why defile oneself by seeking employment within these entities at any level? Food for thought, indeed, as even Natan Sharansky, the head of the Jewish Agency which is the government department responsible for the moving of Jewish people from the diaspora to live in Israel, has begun encouraging new arrivals not to work in binary options firms and seek employment among the wealth of other intelligent and interesting sectors that exist in the highly advanced nation.
But how will they get the names of the employees if they are using aliases during call? If they really want to shut them down coordinate in our country because there are few binary option company here hiding under BPO companies. The global effort by EUROPOL is the first attempt at ensuring all regulatory bodies globally cooperate with the law enforcement agency that is federal across Europe and has massive power. Most of the Israeli call center workers will have full employment records , so they would be easy to prosecute.
Any other attempt by police to go into the offices of the firms and arrest staff would be sufficient. The point is, in the eyes of the law, employees responsible for calling people and taking their money knowing that binary is a fraud are accomplices and subject to potential prosecution. Most of the evidence which Andrew speaks of that would be so easy to subpoena would like have been altered or completely destroyed already.
Mainstream media pressure mounts against binary options. We take a look at why this has happened and whether it has potentially reached its limits. It will no doubt come as very good news indeed that the binary options business is beginning to be suffocated by the global regulator and government level discourse against it, as well as the public awakening, in that the shadow cast over our industry by it is likely to disappear, however the damage done will take time to repair.
This is the parlance that has been bandied around among young members of staff…. As the net closes in on binary options, there is no chance of a fightback against the crackdown. On September 7 this year, we began lobbying Southampton FC in an attempt to make them drop their sponsorship deal with […]. Binary options companies have now begun to face the music with regard to duping consumers into depositing into a zero-sum game environment, and evading any consequences.
The lack of business ethic extends to within the firms, as we investigate the widespread practice of employees stealing leads and selling them between companies — and how in some cases it is encouraged by prospective employers. Share 4 Subscribe Popular. Opinion , Week in Review Cutting and running: The euphoria and the damage.
Op Ed It will no doubt come as very good news indeed that the binary options business is beginning to be suffocated by the global regulator and government level discourse against it, as well as the public awakening, in that the shadow cast over our industry by it is likely to disappear, however the damage done will take time to repair.
Industry News , Technology Binary options call centers approaching obsolescence? We obtain official government information As the net closes in on binary options, there is no chance of a fightback against the crackdown. FinanceFeeds investigation Binary options companies have now begun to face the music with regard to duping consumers into depositing into a zero-sum game environment, and evading any consequences.
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