In the wake of Europol international’s summit on the best way to crack down on binary options firms, it’s worth considering if being part of an industry that is increasingly considered as fraudulent by police and regulators alike is advantageous in the long run.
Many employees in the industry will insist that they are simply ‘doing their job’ and are not to be castigated for the questionable nature of the firms which they work to promote and the blame really needs to be assigned to the big dogs at the top, who are running the game and lining their pockets.
The binary industry has grown significantly over the past year, producing on average some $10 billion annually in profit across the world. Many are calling it ‘the largest internet fraud in British history’ and it seems the fight to put an end to it, is just beginning.
Most binary firms have roots in Israel, where the industry has become a staple feature of the economic sector. In fact, many Jewish youngsters arriving here are readily accepting jobs with binary options companies as call centre agents, attracted by high wages which would no doubt help them support their new pricier lifestyles. Comparatively, most honest jobs simply do not offer as much in terms of pay, and many will find comfort in knowing that, despite its notorious reputation and shady morals, they are not the ones in positions of power.
However, even such low-level employees may soon be facing arrest charges if Europol has its way. In the summit held just last week, the EU’s federal law enforcement agency released their outlook on how to combat scam and fraud in the binary industry. Also present were the FBI, US Securities and Exchange Commission as well as several other national regulating bodies.
Among their suggestions was the possibility of delving into company records and holding all involved accountable. In this way, even a 20-something call centre agent could be charged as an aide and abettor to fraudulent business practices. Although regulators may seek to put a stop to such drastic measures, Europol and the UK Serious Fraud Office have the influence to conduct full investigations.