UK Gambling Commission issues warning over binary options scam

21 April 2015

The UK Gambling Commission (UKGC) has issued a warning to consumers in the region over scams masquerading as binary options trading.

The regulatory body, which oversees all gambling activity within the UK market, stated that those considering taking part in binary options betting should fully research the market before participating in such activities.

The UKGC said consumers should first establish whether the operators they are dealing with have been licensed in the UK and that this approval should be clearly displayed on their websites.

Consumers are also being advised that if they are unsure or have doubts over an operator, then they should not use their services as unlicensed companies are likely to be operating illegally and are not abiding by a code of conduct.

The UKGC also warned that if consumers lose money when using services offered by unlicensed operators, then the regulatory body cannot recover this or offer any sort of compensation.

For those that believe they have lost money using illegal or unlicensed services, the UKGC recommends they contact Action Fraud.

Meanwhile, the UKGC has issued an update over the appointment of successor to Jenny Williams as chief executive officer of the body.

Williams, who previously announced her intention to step down from the body, will now remain in her role until the end of September and then continue to work with the regulator on a part-time basis in order to ensure a smooth transition of her responsibilities.

The UKGC noted that although a successor has already been identified, the final stages in the public appointment process have been put on hold until after the UK General Election next month.

Related article: Reluctant UK regulator warns on binaries