Binary options scams such as Insured Profits, Free Money System, Channel Ranger, and Mockingbird Method are getting increasingly more sophisticated and aggressive. Fortunately I have done all the research for you so all you need to do is bookmark this post and use it as a point of reference when you want to file a scam complaint with your local authorities.
Residents of the USA
There are a variety of options available to you, however the most effective and relevant branch of the government ready and willing to assist you would be the Federal Trade Commission and not the SEC.
Many viewers find this surprising and are not aware of it, however the FTC has a section completely dedicated to false advertising practices in its portal and even extremely wealthy organizations such as Nestle and the Coca Cola Corporation have been pursued by this relatively unknown regulatory body and have paid massive fines. Please make a note, Binary Scam Alerts is not going after the brokers in this specific case. This is a job for the SEC and USDOJ, and they have been resolute about bringing to justice and fining scam brokers which have defrauded US customers in the past, such was the case with Banc De Binary who was charged with multiple counts relating to Illegal Off-Exchange Options Trading. I may add that since then BDB headed by Oren Laurent AKA Oren Shabat has underwent strict regulation with CySec and is no longer accepting US customers. It’s also considered by many to be one of the leading brokers today offering investments in binary options.
How Does it Work?
Step 1. Go to the FTC website.
Step 2. Click the Would Like to Link in the Top Menu
Step 3. Select the Division of Marketing Practices section and proceed to file a complaint.
The complaint process itself is a bit tedious due to the nature of the business, so it’s crucial you gather the information, take screenshots, document phone calls and emails, and start asking questions about guaranteeing profits or am I registering for a software or a broker?
Residents of Australia:
You would need to report to the Australian Competition and Consumer Commission. Actually they have made it extremely simple to do so, and here is the screenshot below describing exactly how to go about doing it.
In terms of what type of scam, you would choose investment, and then proceed as to how you were contacted. If it was via Email make sure to save it as it will most likely be used as evidence in a court of law. It’s worth mentioning that if you have difficulty reading, there is a “listen” button available and using it will help you hear what you need to do.
The Advertising Standards Authority is the legal entity empowered to battle false advertising in the United Kingdom. Interestingly, you can even file a complaint via phone with this independent regulator and then be on your mary way and enjoy some tea cakes and crumpets.
I must add, the ASA was the most courteous and willing to assist in ways I could not imagine. When I spoke to them I really felt they were going out of their way to help me, and that is something which is very important whenever whistle blowing is involved. I was assured by the top person on shift that there is no way these people would have access to my private information and in any case these are not the type of people that retaliate so there is no cause for concern and that I would be completely safe.
Additional jurisdictions such as Canada, New Zealand, Singapore, Sweden, and the Netherlands have similar regulatory bodies that employ the same type of complaint process. So if you have been previously scammed and would like some form of retribution and justice, make sure to contact our desk and we can personally guide you on how to file complaints because we have done it ourselves. Furthermore, if you believe your money has been illegally stolen as a result of these scams we can help you get your money back. Additionally, if you are looking for free access to binary options signals or educational tools just contact us by leaving a message below this post or by subscribing to our YouTube Channel or Newsletter and we will revert as soon as possible.