IQ Option
We are investigating IQ Option for allegedly attempting to conceal critical reviews and adverse news from Google by improperly submitting copyright takedown notices. This includes potential violations such as impersonation, fraud, and perjury.
PARTIES INVOLVED : IQ Option
ALLEGATIONS : Perjury, Fraud, Impersonation
INCIDENT DATE : 27 Aug 2024
INVESTIGATED BY : Ethan Katz
TOOLS USED : Lumen, FakeDMCA, SecurityTrails
CASE NO : 3511/A/2024
CRIME TYPE : Intellectual Property Scam
PUBLISHED ON : 21 Nov 2024
Is This About You?
What We Are Investigating?
We are investigating IQ Option for allegedly attempting to conceal critical reviews and adverse news from Google by improperly submitting copyright takedown notices. This includes potential violations such as impersonation, fraud, and perjury
We are investigating IQ Option for allegedly attempting to conceal critical reviews and adverse news from Google by improperly submitting copyright takedown notices. This includes potential violations such as impersonation, fraud, and perjury
What are they trying to censor
IQ Option, established in 2013, has encountered significant regulatory scrutiny across multiple jurisdictions. In 2016, the Cyprus Securities and Exchange Commission (CySEC) fined the company €180,000 for various violations, including misleading marketing materials and inadequate approval of liquidity providers. Although this fine was later reduced to €20,000 after the company provided additional documentation, it raised concerns about the firm’s compliance practices. In 2019, IQ Option agreed to a €450,000 settlement with CySEC for failing to implement effective safeguards against conflicts of interest and for insecure transaction processes.
In Australia, IQ Option operated without a license until 2016, addressing regulatory shortcomings only after receiving a formal warning from the Australian Securities and Investments Commission (ASIC). Similarly, in Singapore, the Monetary Authority of Singapore (MAS) placed IQ Option on its Investor Alert List in July 2017, signaling potential risks to investors.
Allegations of Fraudulent Practices
Beyond regulatory fines, IQ Option has faced allegations of fraudulent activities. In India, the Reserve Bank of India (RBI) included IQ Option in its alert list as of June 2017, warning residents that conducting forex transactions with the company could lead to legal actions under the Foreign Exchange Management Act (FEMA), 1999. In 2021, a class-action lawsuit was filed against IQ Option in India, alleging fraud through a cryptocurrency investment scheme. Victims claimed that the company promised returns of up to 900% but blocked withdrawals under the guise of technical errors. The lawsuit seeks a permanent ban on the company’s operations in India.
In Indonesia, binary options, including those offered by IQ Option, are classified as a form of online gambling. Since February 2022, the company has been banned along with over 92 similar operators, further limiting its ability to operate in Southeast Asia.
User Complaints and Platform Integrity
Users have reported significant issues with IQ Option’s platform integrity. Some traders have accused the company of manipulating trading graphs to turn profitable trades into losses. For instance, a user practicing on a demo account reported consistent profits, but upon switching to a real account, experienced losses that seemed orchestrated by the platform. Additionally, there have been reports of delayed or blocked withdrawals, with customer support being unresponsive to user complaints.
Reputational Impact and Potential Motivations for Content Removal
The accumulation of regulatory fines, legal challenges, and user complaints has significantly tarnished IQ Option’s reputation. Allegations of fraudulent practices and regulatory non-compliance can erode public trust, deter potential clients, and attract further regulatory scrutiny. In an effort to protect its reputation and maintain its client base, IQ Option might be motivated to seek the removal of these unfavorable stories. While the company would ideally pursue legal and ethical avenues for content removal, the persistence of adverse news could, in a hypothetical scenario, tempt an entity to consider illicit methods, such as cybercrime, to suppress negative coverage.
- https://lumendatabase.org/notices/44122876
- Aug 27, 2024
- NovaFusion Dynamics
- https://iqoption.com/en
- https://www.earnforex.com/forex-brokers/IQOption/
Evidence Box
We are investigating IQ Option for allegedly attempting to conceal critical reviews and adverse news from Google by improperly submitting copyright takedown notices.
Targeted Content and Red Flags
About the Author
The author is affiliated with Harvard University and serves as a researcher at both Lumen and FakeDMCA.com. In his personal capacity, he and his team have been actively investigating and reporting on organized crime related to fraudulent copyright takedown schemes. Additionally, his team provides advisory services to major law firms and is frequently consulted on matters pertaining to intellectual property law.
He can be reached at [email protected] directly.
Many thanks to FakeDMCA.com and Lumen for providing access to their database
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How This Was Done
The fake DMCA notices we found always use the ?back-dated article? technique. With this technique, the wrongful notice sender (or copier) creates a copy of a ?true original? article and back-dates it, creating a ?fake original? article (a copy of the true original) that, at first glance, appears to have been published before the true original
What Happens Next?
The fake DMCA notices we found always use the ?back-dated article? technique. With this technique, the wrongful notice sender (or copier) creates a copy of a ?true original? article and back-dates it, creating a ?fake original? article (a copy of the true original) that, at first glance, appears to have been published before the true original.
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Average Ratings
2.3
Based on 4 ratings
Liam Walker
Share
Avoid this scam broker at all costs. While losses are tolerable, they block your account when you make profits, without providing any specific reason. Protect your hard-earned money by staying far away from this platform.
Kathy Clark
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IQ Option is a complete fraud. They take money through UPI under different names, and even after months, withdrawals remain "in process"—I've been waiting for my Rs. 30,000 withdrawal.
Jack Harris
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I am extremely frustrated with IQ OPTION as they are refusing to process my withdrawal, despite all deadlines having passed. My account is currently undergoing an "additional check," which is not mentioned anywhere in the rules or terms of service. This lack of transparency and communication is highly unprofessional and concerning. I’m left in the dark with no clear explanation or timeline, making it impossible to trust the platform.
Ivy Moore
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This company is nothing short of fraudulent. They engage in price manipulation, block accounts without valid reason, and delay withdrawals for an unreasonable amount of time. Additionally, their marketing tactics are deceptive, using fake accounts to mislead potential customers. Their actions are causing significant harm to the economy, impacting the livelihoods of many honest individuals. I am taking action and reporting this company to regulatory bodies across all countries in an effort to hold them accountable for their scams.