Binary options have always been a target of criticism and accusations of fraud and scam. This bad reputation that it gets is from fake brokers and frustrated people who do not understand how to trade properly. Just because there are people who profit illegally from trading or people who do not understand how to trade at all, that doesn’t mean binary options is a scam and must be prohibited.
The main problem here is fraudulent brokers, who attract naïve people and extort a lot of money from them. These people then complain to higher institutions, hoping for justice. Unfortunately, the brokers manipulate people for such periods of time, that they receive huge amounts of money from the clients, and then disappear. Consequently, people blame the whole system. Because of these statements, the regulated field of trading has to suffer. CySec is blamed for not being able to regulate the industry and trustworthy brokers lose a lot of potential clients, because they heard about the illegal activity in this domain.
It is truly awful that some countries have already decided to ban binary options trading nationwide, but at the same time we must try to wear their shoes, and understand that it is difficult to regulate such activities, when it comes to a domain that is not fully understood by everyone.
For this period, it is wise to watch the news related to the ban of binary trading, and if the situation develops in a bad way, try to keep an eye on your money and be ready to withdraw them.