Social media posts fraudulently promoting the Binomo investment trading platform have resurfaced, targeting investors with their hard-earned money. In one hilarious case on X, a post depicted a shammer claiming to have conned
five unsuspecting users.
However, the enticing posts circulating on X about the
Binomo Trading Investment Platform are now proven to be an elaborate scam. They feature promises of doubling investors’ money, reportedly accompanied by
screenshots of satisfied investors. Recent WhatsApp messages showed a fraud victim trying to convince a scammer to refund stolen funds.
FCA
cautioned about a clone outfit dubbed Binomo Fx Trading last year, disowning
the company as offering services without their approval. The regulator provided the details of the unauthorized
firm, noting that it operated under the address Unit 1 Lancaster Court. Its email and website are support@binomofxtrading.com and binomofxlimited.com,
respectively.
Prolonged Social Media Scam
Scammers now use Facebook pages, Instagram accounts,
and even compromised LinkedIn profiles to promote a fraudulent scheme claiming
association with Binomo.
In another instance, a Nigerian court convicted two
individuals in 2021 for using the Binomo name to defraud unsuspecting investors,
according to local news agency Kano Focus. Meanwhile, platforms like Instagram have reportedly suspended
accounts like “@biinomo” for deceptive practices, but similar scams
continue to proliferate.
The scam’s reach extends beyond social media. In
Indonesia, fraudsters masquerading as Binomo agents reportedly caused financial
losses exceeding 30 billion Rupiah. Victims often report that fraudsters use
influencers and flashy promotions to lure them into the scheme.
Authorities Flag the Social Media Scheme
Unfortunately, since the operation is illegal, victims
have yet to recover their funds. Indonesian authorities have declared Binomo and
similar platforms illegal, classifying binary options trading as gambling
rather than legitimate investing.
In some regions, victims have banded together to
expose fraudulent schemes. In Indonesia, law enforcement set up hotlines for
reporting Binomo scams, and grassroots efforts encourage whistleblowing to
educate others.
Bappebti, the Indonesian regulatory body, advised
potential investors to remain vigilant. They recommend questioning the
legitimacy of platforms and steering clear of high-return promises without
underlying assets.
Social media posts fraudulently promoting the Binomo investment trading platform have resurfaced, targeting investors with their hard-earned money. In one hilarious case on X, a post depicted a shammer claiming to have conned
five unsuspecting users.
However, the enticing posts circulating on X about the
Binomo Trading Investment Platform are now proven to be an elaborate scam. They feature promises of doubling investors’ money, reportedly accompanied by
screenshots of satisfied investors. Recent WhatsApp messages showed a fraud victim trying to convince a scammer to refund stolen funds.
FCA
cautioned about a clone outfit dubbed Binomo Fx Trading last year, disowning
the company as offering services without their approval. The regulator provided the details of the unauthorized
firm, noting that it operated under the address Unit 1 Lancaster Court. Its email and website are support@binomofxtrading.com and binomofxlimited.com,
respectively.
Prolonged Social Media Scam
Scammers now use Facebook pages, Instagram accounts,
and even compromised LinkedIn profiles to promote a fraudulent scheme claiming
association with Binomo.
In another instance, a Nigerian court convicted two
individuals in 2021 for using the Binomo name to defraud unsuspecting investors,
according to local news agency Kano Focus. Meanwhile, platforms like Instagram have reportedly suspended
accounts like “@biinomo” for deceptive practices, but similar scams
continue to proliferate.
The scam’s reach extends beyond social media. In
Indonesia, fraudsters masquerading as Binomo agents reportedly caused financial
losses exceeding 30 billion Rupiah. Victims often report that fraudsters use
influencers and flashy promotions to lure them into the scheme.
Authorities Flag the Social Media Scheme
Unfortunately, since the operation is illegal, victims
have yet to recover their funds. Indonesian authorities have declared Binomo and
similar platforms illegal, classifying binary options trading as gambling
rather than legitimate investing.
In some regions, victims have banded together to
expose fraudulent schemes. In Indonesia, law enforcement set up hotlines for
reporting Binomo scams, and grassroots efforts encourage whistleblowing to
educate others.
Bappebti, the Indonesian regulatory body, advised
potential investors to remain vigilant. They recommend questioning the
legitimacy of platforms and steering clear of high-return promises without
underlying assets.
This post is originally published on FINANCEMAGNATES.
