Israeli fintech pundits also invented binary options industry. Big players like SpotOption, PandaTS, or Tradologic had thousands of binary options schemes running on their platforms as white-label clients. Binary options turned out to be ultimately a gigantic fraud industry. Conveniently, fund recovery companies have also emerged in Israel, often run by former scammers. Schemes like Europe Refund or MyQuickRefund run massive Google Ad campaigns to acquire scam victims and sell their expensive services.
The Fake Regulator Scam model is for sure not new, but amid the COVID-19 crisis and the many scams, it seems to be booming again. After the UK FCA, the German BaFin, the Austrian FMA has recently issued a warning against scammers who approach potential victims as alleged employees of the regulatory authority and offer various services that are supposed to bring money to the potential victim.