With the increasing demand for cryptocurrencies in the market, , one of the leading binary options related fraud-busting site, has rebranded itself to ThatSucks.com to extend its support to the crypto audience.
Cryptocurrency trading soared in recent years, but the unregulated nature of the sector has attracted a lot of fraudsters and scammers.
Binary to crypto
are one of the most controversial instruments in the financial trading arena. The simplicity of the instrument has made it popular, but due to its highly speculative nature, major regulated exchanges do not encourage them. As a result, a majority of the binary options trading is done on unregulated platforms which lend a breeding ground to fraudulent operations.
As the charm of binary options is wearing off, another player – cryptocurrencies – wild and aggressive in nature, has emerged, and given its decentralized and unregulated nature, imposing regulations on the industry has become one of the primary concerns to authorities all around the world.
Rising complaints
The issues of funds stuck on exchanges and price manipulations are relatively common among crypto traders. Threads in BitcoinTalk.org and Reddit are flooded with traders’ complaints every day.
According to ThatSucks.com, they have witnessed more complaints related to crypto trading in the last five months than they did in the last seven years together – a total of 3,000 cryptocurrency-related complaints.
In these circumstances, regulatory rules on the sectors have become a necessity, however, a complete ban would cripple the economy due to the large-scale involvement of retail investors, as well as institutions.
ThatSucks.com is also planning to educate the masses by offering education on the crypto sector along with trading lessons. The signature forums sections of the platform will be open to share cryptocurrency trading related problems as well.
Martin Kay, co-founder of ThatSucks.com, told Finance Magnates: “Bitcoin is a dream come true for ex-binary options scammers; not only they continue to make hollow promises of getting rich quickly, now they take your money and process it through crypto wallets which could never re-trace.”
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