The Rise Of The Bitcoin, Safe Bet Or Big Risk?

The banishment of the bogus binary options industry operating out of Israel has seen the exit of thousands of people formerly employed in the fraudulent firms. The streets are noticeably quieter as many firms have been quick to act in advance of the law which comes into effect in January 2018 and have decamped to places like Cyprus, Georgia and Belgrade.

However, not all the former fraudulent brokers' staff have left the country as arising out of the binary options ashes is a new challenge, that of affiliate marketing for cryptocurrency brokers. Simona Weinglass of the Times of Israel reported a couple of weeks ago that job advertisements for the new breed of financial firms are attracting applicants by saying such things as "experience with Forex and binary options field an advantage". For the purposes of absolute clarity Bitcoin and other ICOs are not inevitably fraudulent, it is just concerning when recruitment of staff for the new cryptocurrency brokerages appears to be aimed at the former staff of the sham binary options brokers and also when one of the notable sham brokers shuts down their operation and without missing a beat simply changes the firm's name to Bit-tech and sets out to deal in cryptocurrencies.

Giambrone's banking and financial fraud department is keeping a close eye on this new sector especially in light of the fact that the sales techniques seem suspiciously familiar, such as the time-limited urgency to complete the deal being presented; the fact that the offers are frequently announced through Twitter or Facebook in industry jargon; the shroud of secrecy which appears to surround the source of the information on which "coin" is rising and will make money and who is behind the demand and who is behind the supply. Even more alarming is the reported news that Simona Weinglass was able to discover, on the condition of anonymity of the informant, that the same techniques of freezing the account when the innocent investor looks as if they have reached their financial limit and no more money could be gained from them; or the investors suffer a margin...