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Singapore investors lost over $1 mil to online binary options scams

Jude Chan Published on Thu, Dec 15, 2016 / 4:57 PM GMT+8

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SINGAPORE (Dec 15): Singapore police has issued a warning over a “sharp rise” in scams involving online trading in binary options.

The Commercial Affairs Department (CAD) has received more than 30 reports from investors who have lost more than $1 million to unregulated binary options trading platforms, authorities said in a press release on Wednesday.

Police said that most of the victims are local Chinese males aged between 31 and 50, and include finance professionals as well as retirees.

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