Indra Kenz, who claimed to be Crazy Rich Medan, was charged with being an affiliate of Binomo. Actually, is Binomo legal in Indonesia? What kind of permissions do these binary options apps and sites have?
Binomo has been confirmed to be illegal because it does not have a permit as a commodity futures broker (PBK) from the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade. Even since the end of 2019, Binomo has been continuously targeted by CoFTRA, but the site keeps appearing again.
Binomo's blocking began in October 2019. At that time, two Binomo sites were blocked, namely binomo.com and binomo.net. Never mind, on November 23, 2019, Binomo is back again with the domain binomo.org which was finally blocked again.
Binomo continues to change domains, even though CoFTRA continues to block new sites from Binomo. There have been 27 domains created by Binomo since 2019.
Binomo itself does not have operational activities in the country. To enter the domestic market, Binomo uses marketing weapons with massive advertising and takes influencers as affiliates.
In early 2020, the Chief Executive Officer (CEO) of Indonesia Commodity & Derivatives Exchange (ICDX) Lamon Rutten said there was only one legal and official binary options broker in the world -- NADEX based in the United States (US).
Thus, all binary options brokers operating in Indonesia are illegal.
"To my knowledge, all binary options platforms operating in Indonesia are not official. Maybe they are registered in Belize, Cyprus and so on, but that doesn't prove that they are official and legal. All of that is very dangerous," Lamon told us.