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In some cases, even if an individual theoretically does win, the winnings may appear as a credit on a trading account on the platform but the investor's money is not transferred or returned. In many other cases, no trading actually takes place and the operation is purely a fraud set up to take money from individuals, including through cash advances processed through the target's credit card.
Once a victim has lost their money, it is almost impossible to recuperate their losses. It is illegal to offer securities or derivatives, including binary options, whether or not subject to the Instrument, without being registered as a dealer.