Binary Options Ban
The Binary Options Ban has finally come. Facebook has made the right decision and put ethical standards before profit by banning adverts on its social networks from industries that have been plagued with consumer complaints – specifically binary options trading. Up until the ban, those behind the unregulated binary options operations saw Facebook as the wild west for advertising – little regulation and restrictions allowing them to dupe users with false promises of a legitimate product and trading tool. For many users, the mere fact that the advert was on Facebook gave them a false sense of security as the assumption was to trust the platform had done the required checks and balances before allowing the company to advertise. The move comes as a response to the spike in consumer complaints that victims have been targeted via Facebook and other social networks by unregulated binary options operations. The social networks have been hijacked by scam investors as an effective and cheap way to target new victims.
Cryptocurrency Ads Banned
It wasn’t just binary options scams that were banned from predatory advertising on Facebook. Cryptocurrency investments were also targeted. Cryptocurrency trading companies, including ICOs have also been halted as such a large number of them have been reported as nothing more than an elaborate Ponzi scheme to scam and defraud. The recent bitcoin bubble of the past few months has popped and with it the scammers have nowhere to hide. As the bitcoin bubble grew, the Ponzi scheme can hide in the shadows of rising value, but once reality hits there is nowhere to hide.
It is not just tech platforms that are taking action against this online crimewave, credit card companies have also halted processing cryptocurrency payments. At Wealth Recovery International we applaud this stance. The credit card processors are a vital cog in a sophisticated scam. Blocking this option will greatly reduce the scamming potential of any fraudulent company or individual.
The Final Frontier – Google
Now the attention turns to Google. Will they step up and follow the lead that Facebook has set in banning these scam adverts? Only time will tell. The reality is that without the tacit consent of these tech corporations, the binary options scams and cryptocurrency scammers will take a big hit – this is the way that leads are acquired and traffic is brought to the scam website.
We have been in communication with google for more than a year now and they are very aware of the fact that bad actors can and have been manipulating their platform to defraud.
Cat & Mouse
One of the issues is that as the technology advances, the scammers find ways to circumvent the restrictions and enable their luring and deceiving adverts to still reach millions of daily users. It is a constant challenge to not only regulate and restrict what is going on currently, but to also set practices in place to predict what the criminals will do next.
At Wealth Recovery International we are familiar with these practices. Being the shining light for victims of binary options scams has also made us a target to the binary options scammers. We threaten their continuing scams and force them to return money to their victims. It is no wonder that we are targeted constantly by these actors – it is a telling sign that what we do works and a testament to our success. Unfortunately, in the binary options scam industry, the only way to not be targeted is to not do anything. We hope that Facebook’s decisions will influence others to take a similar stand and root out the scammers.