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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 23536
Experience:  Active member of the NYS bar since 1989
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After investing an amount of $500 with the commodity brokers

Customer Question

After investing an amount of $500 with the commodity brokers Ubinary where I had control
over my money via a username and a password, I decided to withdraw my money. Up
until this point I had not traded nor had I given permission to anybody else to trade on my
behalf.
After a period of approximately four months of requesting that my money be withdrawn
and paid into my account I have now been told that my money no longer exists.
Submitted: 9 months ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 9 months ago.
Hello,We have had several complaints before, just like yours, about uBinary. They are an unregulated binary options broker, meaning they are subject to oversight by any financial regulatory authority by government regulations. All too many unregulated binary brokers make their own rules. Many are outright scams Scamadviser.com says that uBinary.com has a low trust rating and warns that the site is not safe to use. The web has many complaints such as yours of people who can't get their money out or who have been subjected to unauthorized trades by U Binary, which lost them all of their investment. The site says this about this on their website's disclaimer: "Ubinary is committed to your trading experience. With a state of the art trading platform and a unique team of analysts, we can provide the best trading terms for our clients. Each of our traders has a personal trading expert who escorts each trader through the entire trading process. www.ubinary.com is run and operated by PPT Capital Ltd (98519), Belize. * Be advised that trading can result in substantial loss or profit and may not be suitable for everyone. Credit card transactions are processed through several banks and Billing agents such as (PPT a Bulgarian company Sofia,. Strelbishte area. "Yordan Yovkov" Str. №18-20, 3rd floor, ap.7 a company under the companies Act 1995 and Seroph APAC unit 1305,*****Yaumatei, Hong Kong), Please note that upon your deposit your credit card statement will show Ubinary.com.UTECH serves as a payment service for uBinary / PPT Capital.Huston Street , Blake Building, Belize City, Belize." So despite the fact that you may think they are run out of the UK, they operate offshore from Belize use a US server despite the fact that their business is unlawful in the US, and use banks in Bulgaria and Hong Kong. It's been my experience that when a company goes to such lengths to confuse people about where they really are, they are up to no good, and this one's reputation proves my experience right. Binary option trading is very much like gambling. Accordingly most governments financial regulatory authorities do not specifically regulate binary option traders, which means that they can do pretty much what they please, because they are operating without any checks on them. We hear horror stories all the time about binary brokers: unauthorized tradings, wildly expensive fees to withdraw earnings that only lead to more fees, and credit card fraud. Then, when you go to look for them to exercise legal remedies, you frequently find that you don't even know where they are or that they don't respond any more to your emails and aren't anywhere at all. Ubinary is unregulated and is also operating outside of the UK, therefore they are out of the reach of your law. You can report them to your FCA to warn others about them. If you used your credit card to invest, you may be able to convince your card carrier to initiate a chargeback. Failing that, you would have to look to your agreement with UBinary. If they have breached it, and you can find them, you can sue them in Belize and if you win, they would have to honor that judgment and pay you back. Finding them, however, may be a very big IF and could be a job for law enforcement. You may also want to report uBinary to Actionfraud.police.uk.

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