The Heat is On Binary Options Brokers
The heat just got turned up again on Binary Options brokers and now will include their sales staff. Europol which is also known as the European Police Office is the law enforcement agency that handles criminal intelligence and fighting organized crime among EU member states.
Europol Means Quicker Justice for Offending Brokers
Unlike a regulatory authority like CySEC which has oversight but does not have enforcement authority. Europol can make arrests and will now pursue violating binary options brokers. Last week Europol held meetings on how to combat online fraud with the central topic of dealing with binary options brokers. Also in the meeting was the FBI and the US Securities and Exchange Commission.
Europol Says Everyone is Now Responsible
In the past, the crackdown on binary options brokers would be limited to the owners and upper management. Now any sales staff that contributes to fraudulent activity could also be subject to arrest and prosecution. The fact that Europol is involved now means that the problem of binary options has become too great for regulators to handle on their own. It also means that justice will be swifter since law enforcement will now be directly involved. There will be no need to wait for the regulators to go through the long and difficult process of investigating complaints and following up with fines and sanctions.
Marketing Regulation Days are Done for Bad Brokers
For many binary options brokers, their regulatory status was merely a marketing tool. They were never intending on following rules and guidelines and were all too eager to pay any penalties. Now everything has changed and the sales people that work in these call centers will think twice before trying to scam someone. Knowing that they can be held liable will be the strongest deterrent and what has been long overdue for binary options brokers.