Forex broker scheme ‘World Binary Option’ and the million dollars trace on blockchain

Finance Magnates and other Forex review sites reported yesterday that the International Financial Services Commission (IFSC) of Belize including World Binary Option which was recently flagged by Cyprus’ regulator.

On the website of Word Binary Option (www.worldbinaryoption.com) you can learn that the allegedly New York-based Forex broker is regulated by the U.S. CFTC, the Cypriot CySEC and the IFSC in Belize. Purportedly, the broker would also be regulated by the UK Financial Conduct Authority (FCA).

In fact, both the CySEC as well as the IFSC included the broker on their respective warning lists in recent days. The Belize regulator informs that the entity is using a fraudulent license. Both regulators say that the World Binary Option website does not belong to any of their regulated and supervised companies.

Information in the above mentioned website, which suggests that it belongs to an entity that is regulated by CySEC, is misleading and does not correspond to reality.

CySEC warning issued May 29, 2019

World Binary Option is a rather young venture. The domain was registered in September 2018 in Panama.

Follow the money – millions identified on Blockchain

The World Binary Option scheme is associated with the Bitcoin (BTC) address 3Qum2jNoK56j3LXPtoEEfPVApHx4HTUbow and provides this address to its clients for deposits. At the time of publishing more than 48 BTC have been deposited.

This BTC address, in turn, is connected to the two “big” BTC address 17ac9tXHxu1nxdLgLu9WYk7vR8ggFN5GkH and 392LK4ZQD3gixWg5xJRTv1a24N3YDgCbwP where BTC worth hundreds of millions of dollars have been processed over the last couple of years. The latter, for example, is connected to a vast fraud and crime scheme according to Reddit discussion around Sextortion Scam – Follow the money and this article on Medium.

to be continued