WIKIFX REPORT: Investment Task Force Asks Residents Not To Play Binomo Cs: It's Gambling, Just Guess

The Investment Alert Task Force (SWI Task Force) asks the public to be wary of offering binary options and illegal brokers that are not registered with the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade carried out by affiliates or influencers that have the potential to harm the public.

“Online trading activities carried out by binary options are illegal because they are gambling, no goods are traded. It is just luck. Winning or losing in guessing the price of a commodity and rising or falling within a certain period, which can harm the community, ”said the Chairman SWI Tongam L. Tobing, quoted from the official website of the Financial Services Authority (OJK), Saturday 19 February.

To protect the public from any losses that may arise, SWI has summoned a number of affiliates and influencers, namely Indra Kesuma, Doni Muhammad Taufik, Vincent Raditya, Erwin Laisuman, and Kenneth William who are suspected of having facilitated binary options products and illegal brokers who are not registered with CoFTRA such as Binomo, Olymptrade, Quotex and Octa FX as well as conducting trading training activities without a license.

In a virtual meeting with these influencers, SWI requested that they stop trading promotion and training activities and delete all promotional and trading training content on their respective social media. Present at the meeting were SWI members from the National Police Criminal Investigation Agency (Bareskrim), OJK, CoFTRA, the Ministry of Trade, and the Ministry of Communication and Information (Kominfo).

In addition to the binary option issue, SWI in its enforcement activities has also stopped the activities of 21 entities suspected of conducting business activities without permission from the competent authority and potentially harming the community. The entity carried out the following illegal activities: 16 money game activities, 3 trades of crypto assets without permission, and 2 trades of trading robots without permission.

According to Tongam, recently there have been many investment offers based on websites or applications that must be watched out for because the perpetrators take advantage of the public's lack of understanding to cheat by way of the lure of giving very high and unreasonable returns, but first the public is asked to place or deposit their funds.

SWI asks the public to understand a number of things before investing. First, ensure that the party offering the investment has a permit from the competent authority in accordance with the business activities being carried out.

Second, ensure that the party offering investment products has a license to offer investment products or is registered as a marketing partner. Also, ensure that if there is a logo of a government agency or institution in the media, the offer has been carried out in accordance with the provisions of the legislation.