22-04-2017, 06:52 PM
Investors lose over $2.4m to binary option scams
by Lorna Tan
PUBLISHEDAPR 22, 2017, 5:00 AM SGT
More than 40 people in Singapore have lost in excess of US$1.7 million (S$2.4 million) after being lured to take part in an unregulated, sometimes fraudulent and mainly offshore activity known as binary option trading.
One victim of the scam lost a staggering US$693,000 after engaging in this highly risky trading, which is banned in some jurisdictions.
Singapore police are investigating a string of complaints and disclosed the eye-popping losses yesterday, in response to queries from The Straits Times.
Binary option trading involves investors predicting if the price of an underlying instrument - shares or currencies, for instance - will be above or below a specified price at a specified point in time. This can range from a few minutes to a few months in the future.
More details in http://www.straitstimes.com/business/inv...tion-scams
by Lorna Tan
PUBLISHEDAPR 22, 2017, 5:00 AM SGT
More than 40 people in Singapore have lost in excess of US$1.7 million (S$2.4 million) after being lured to take part in an unregulated, sometimes fraudulent and mainly offshore activity known as binary option trading.
One victim of the scam lost a staggering US$693,000 after engaging in this highly risky trading, which is banned in some jurisdictions.
Singapore police are investigating a string of complaints and disclosed the eye-popping losses yesterday, in response to queries from The Straits Times.
Binary option trading involves investors predicting if the price of an underlying instrument - shares or currencies, for instance - will be above or below a specified price at a specified point in time. This can range from a few minutes to a few months in the future.
More details in http://www.straitstimes.com/business/inv...tion-scams
Specuvestor: Asset - Business - Structure.