UK Crackdown Sends Scam Brokers Running Scared

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UK Crackdown Sends Scam Brokers Running Scared

Regulators And Law Enforcement Swoop In On Fraudulent Brokers

City of London Police with the help of the FCA have swooped in on a number of fraudulent brokers operating within the city limits. The raid was conducted with the assistance of the FCA and Her Majesty’s Revenue & Customs office and targeted 20 firms accused of defrauding UK clientele in 2020. According to the press release losses by British citizens totaled more than £18 million pounds. The purpose of the raid was to “review their compliance documents and gather intelligence on different types of investment fraud.”

UK police crack down on slimey binary options brokers

The raid is no surprise albeit the largest such action taken against the binary industry to date. The UK FCA has taken on a grudging regulation of binary options allowing CySEC brokers to enter the market although they have no real authority as yet. For now, regulation of the industry is left to the GSC which oversees gambling operations. The FCA is expected to take over regulation early in 2020 as the MiFID II comes into effect although the effect of Brexit on that is yet to be seen.

Many brokers work around the stipulations by registering business addresses at UK and often times London based virtual offices. A virtual office is no more than a room full of email and phone servers routing business traffic on to wherever physical operations for the business may be. It is estimated by authorities that 700+ UK citizens have been defrauded by binary options related scams in 2020. Going back to 2020 and the rise of binary options the estimates increase to over 2,000 victims and £$60 million pounds with the caveat that many cases have likely not been reported. There is no word on what the authorities actually uncovered during the raid.

CySEC Regulation Works, Kind Of

Despite much criticism the CySEC style of regulation is working to some extent. The regulator has issued licenses, held brokers to some amount of accountability and even enforced punitive actions up to and including suspension and revocation of licenses. Two of the more recent suspensions have been lifted. Both Gametech, operator of Prooptions.com, and Optionrally have had their CIF licenses restored after moves to comply with regulatory issues.

Gametech was suspended for issues with capitalization and funds, specifically the Capital Adequacy Ratio. It was not allowed to operate during its suspension period and pulled the website down, so far there is no word if they’re coming back to business or maybe will take on a new brand. Optionrally was also targeted for non-compliance relating to funds and capital requirements. After a series of fines and finally suspension the firm was able to come back into compliance and regain the trust of regulators. The broker remained live but unoperational throughout the period and is live today, it has not however regained our trust just yet. You can follow this link to find our list of top rated and trusted brokers for your region.

UK Crackdown Sends Scam Brokers Running Scared

Regulators And Law Enforcement Swoop In On Fraudulent Brokers

City of London Police with the help of the FCA have swooped in on a number of fraudulent brokers operating within the city limits. The raid was conducted with the assistance of the FCA and Her Majesty’s Revenue & Customs office and targeted 20 firms accused of defrauding UK clientele in 2020. According to the press release losses by British citizens totaled more than £18 million pounds. The purpose of the raid was to “review their compliance documents and gather intelligence on different types of investment fraud.”

UK police crack down on slimey binary options brokers

The raid is no surprise albeit the largest such action taken against the binary industry to date. The UK FCA has taken on a grudging regulation of binary options allowing CySEC brokers to enter the market although they have no real authority as yet. For now, regulation of the industry is left to the GSC which oversees gambling operations. The FCA is expected to take over regulation early in 2020 as the MiFID II comes into effect although the effect of Brexit on that is yet to be seen.

Many brokers work around the stipulations by registering business addresses at UK and often times London based virtual offices. A virtual office is no more than a room full of email and phone servers routing business traffic on to wherever physical operations for the business may be. It is estimated by authorities that 700+ UK citizens have been defrauded by binary options related scams in 2020. Going back to 2020 and the rise of binary options the estimates increase to over 2,000 victims and £$60 million pounds with the caveat that many cases have likely not been reported. There is no word on what the authorities actually uncovered during the raid.

CySEC Regulation Works, Kind Of

Despite much criticism the CySEC style of regulation is working to some extent. The regulator has issued licenses, held brokers to some amount of accountability and even enforced punitive actions up to and including suspension and revocation of licenses. Two of the more recent suspensions have been lifted. Both Gametech, operator of Prooptions.com, and Optionrally have had their CIF licenses restored after moves to comply with regulatory issues.

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Gametech was suspended for issues with capitalization and funds, specifically the Capital Adequacy Ratio. It was not allowed to operate during its suspension period and pulled the website down, so far there is no word if they’re coming back to business or maybe will take on a new brand. Optionrally was also targeted for non-compliance relating to funds and capital requirements. After a series of fines and finally suspension the firm was able to come back into compliance and regain the trust of regulators. The broker remained live but unoperational throughout the period and is live today, it has not however regained our trust just yet. You can follow this link to find our list of top rated and trusted brokers for your region.

Web Hosting – Windows Reseller Hosting

As web hosting has become a profitable online business, reselling hosting business has also become more profitable. Windows reseller hosting solutions have substantially more advantages over the popular Linux reseller hosting because of the various favorable factors that you can offer to your clients such as:

  • Windows reseller hosting provider can now keep track of multiple clients by using a single control panel
  • You can have PHP and MySQL based Control Management System (CMS) with ASP.Net SQL website
  • As a Windows reseller hosting provider, you can host excellent Windows based applications which will help all your clients
  • Allow users to use Active Server Pages (ASP) scripts and other Microsoft applications in designing great websites
  • Use exciting new tools like Windows Mobile and Active Sync technology
  • Use Push and SharePoint technology
  • Use the ever-popular Microsoft Access or the ever-dependable SQL Server relational database management system (RDMS) for data management and data analysis. SQL Server has proved itself as arguably the most reliable database management system for many top enterprise level businesses all over the world. Your clients can now use this stable, reliable, and efficient RDMS
  • Use .Net (DotNet) or Visual Basic (VB) web development tools
  • Use Microsoft’s Active Directory technology
  • Windows based server can host websites running on UNIX based system
  • Web hosting, especially Windows reseller hosting has now become as exciting as any other online business because Microsoft continuously updates its Windows based web applications with the latest technology
  • Multiple vendors are offering exciting web solutions that can help your Windows reseller web hosting business
  • Stronger security, better stability, and speed
  • Microsoft’s Server 2003 hosting solution has proven itself as useful with its high-capacity server operating system and features

The disadvantages of using Windows Reseller Hosting are:

  • Windows based web applications need licenses and thus make Windows reseller hosting more expensive than the Linux based web hosting, and
  • Linux web hosting is more stable and needs less rebooting compared to Windows web hosting

Windows web hosting has better scalability factor when clients need to upgrade their web hosting needs as their businesses grow online. Windows web hosting is a better choice for the reseller hosting business considering the fact that Windows hosting has better compatibility with Linux hosting tools. Interactive applications like the Chat tools can run better under the Windows based web hosting. The powerful Visual Basic applications and DotNet can only run under Windows web hosting.

So, web hosting businesses, especially Windows reseller hosting businesses, are growing rapidly because the DotNet technologies like ASP.Net and VB.Net have become popular. With Microsoft’s Exchange 2007, Windows Server 2008 Web Edition, SQL Server 2008, ActiveSynch and the latest mail server technology Windows hosting is positioned for a rapid growth. SQL Server management tools and other Microsoft Windows based technologies are making the Windows web hosting business grow at a rapid pace and is becoming very popular.

Now, Windows based web technology opens exciting new avenues in the mobile applications also. The popular Enterprise level databases like Access and SQL Server are being used all over the world. The new SharePoint Server and services, and many other Microsoft Windows applications for web design and development are becoming popular.

All these new technologies will also make Windows reseller hosting business more exciting. The success of these latest technologies will always attract more online businesses to Windows hosting. Web hosting is now definitely tilting towards the Windows hosting services, and that means better opportunities for the Windows reseller hosting businesses.

So, for web hosting resellers, the Windows reseller hosting business is proving profitable with its easier management, scalability, and ability to keep pace with the rapid technology changes in the web hosting field.

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  • BINOMO
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    Only For Experienced Traders.

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