One of the hallmarks of Binary Options trading sites is the way they go to great lengths to obscure their true nature. They hide their location, real identity, and most importantly bury important policies in mountains of “legal” language to hide the fact that they are set up in a way to take your money with little chance of you ever earning a profit.
But their misleading tactics hide a more sinister purpose, which is to prevent investors from taking legal action after losing their funds. Many users have discovered that they have limited options for legal recourse because the scammers are located in foreign jurisdictions, often making it impossible or extremely challenging to take on the scammers in court.
However, there have been recent developments in this area that have seen a number of lawsuits filed against binary options sites in a number of jurisdictions.
In Israel, which has served as a base for several binary option sites, multiple lawsuits have been filed against leading scammers. In July, Israeli financial site Globes revealed that several binary options sites were being sued. This included lawsuits from investors in Switzerland and Canada suing binary options traders in Israel. In the same story, Globes reported that these suits were only the latest in a round of lawsuits.
These suits in Israel have coincided with a wave of reporting and legislative action targeting the binary options industry there. However, Israel is not alone and many countries have been home to binary options scams. Even in the U.S., where binary options trading has been banned, there was a case against Vision Financial Partners of Florida for offering off-exchange binary options trading. A court ruled that the company owed investors millions of dollars in restitution and additional millions in fines.
All of this is a sign that legal pathways remain open to investors who have been taken in by these scams. If you have fallen victim to a binary options scam, there are still a number of steps you can take to recover your lost funds.
You can contact us here, to find out more about how our team can help you recover your money.