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BaFin warns against recovery scams

 

Germany’s financial watchdog BaFin alerted of follow-up scams targeting investors who already lost to binary options, promising to recover the money that they lost against an upfront payment. However, any advance payments made to such recovery fraudsters only add to existing losses and might have devastating financial consequences.

 

Furthermore, the regulator’s alert notes that recovery room scammers buy and sell lists of previous victims of unlawfully operating binary options trading platforms, so that they can cold-call them and possibly swindle them out of what is left of their hard-earned money. Sometimes these cons present themselves as government officials. Although some government agencies could indeed help people who have lost money, they don’t charge any fee, nor guarantee refunds.

 

It seems that binary options brokers find their way around all regulatory bans and restrictions and continue their operations. The European Securities and Markets Authority (ESMA) banned binary options trading for a three-month period in March and recently announced its intention to extend it for another three months.

 

Germany’s financial watchdog BaFin has been wary of the booming binary options scams and has considered banning them even before the Pan-European regulator did. It has also issued a a number of warnings in recent years regarding forex and binary options providers, and most recently ordered several unauthorised companies to cease trading operations.

 

TAGS: BaFin  recovery scam  warning  Germany 
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