The binary options industry is heavily regulated in the US. Only a couple of companies are allowed to market digital options in the United States. Still, they are many to target and accept American customers, completely illegally. It seems the American regulators have had enough, according to Finance Magnates.

Founder of OptionMint, OptionKing and OptionQueen arrested

The financial media seems to have accurate information. Today, we just learned that Jared J. Davis, owner of unregistered binary options trading platforms OptionMint, OptionKing and OptionQueen, has been arrested. He is charged with defrauding traders of at least $10 million. The individual responsible of various binary options scams was arrested at Cleveland Hopkins international airport yesterday.

This defendant portrayed himself as a legitimate investment broker when he was really no better than a simple con man,” said First Assistant U.S. Attorney David Sierleja. “He fleeced his victims out of $10 million by manipulating trading conditions, falsely telling investors his salespeople were financial analysts and using offshore companies to spend money as fast as it came in.

This crackdown follows a series of actions taken by the US regulators to charge digital options platform operating illegally in the United States. Affiliates were indicted. Jason B. Scharf, from California, has been charged by the CFTC for operating a set of digital options schemes and illegally collecting a total of $16 million.

Only a couple of binary options brokers are allowed to market their services to Americans. Among those platforms there is Nadex.

READ  Cryptocurrencies scams are taking over binary options scams