Dive into our in-depth investigation of Banxso, uncovering business relations, scam reports, legal issues, and risk assessments. Discover the facts before you invest

Banxso’s advertising practices have drawn sharp criticism, with investigations revealing the use of fake endorsements by high-profile figures like Elon Musk and Johann Rupert. Victims describe being lured by promises of guaranteed returns, only to face financial devastation when the platform failed to deliver.

The Banc de Binary Scandal Revisited Banc de Binary, founded in 2009 by Oren Shabat Laurent, was a prominent binary options scam, fined $11 million by U.S. regulators and facing bans across Europe. Despite its closure in 2017, its shadow looms large over the financial industry. An investigation by Moneyweb reveals troubling connections between Banxso’s owner, Harel Adam Sekler, and Banc de Binary. Sekler, who maintains a low public profile, is identified as a director of companies linked to Banc de Binary in multiple jurisdictions, including Australia and Belize. Official documentation confirms his involvement, despite his vehement denials, suggesting a continued legacy of unethical practices.

Banxso mistakenly believed that fraud, impersonation, and perjury were within their legal rights and without consequence. Their actions subjected Google and other platforms to unlawful conduct, including fraud, perjury violations, and cybercrimes, showing a blatant disregard for civil regulations designed to protect businesses and individuals.

On April 19, 2024, Banxso confirmed that the Financial Services Conduct Authority (FSCA) is investigating the platform for potential violations of financial laws, stemming from misleading advertisements that allegedly featured deep fakes of billionaires like Elon Musk and Nicky Oppenheimer. These ads falsely promised extraordinary returns, leading to significant investor losses totaling millions. Despite the ongoing investigation, Banxso continues to onboard clients linked to these promotions, raising concerns about their operational practices. COO Manuel de Andrade claims the company is cooperating fully and attributes the fraudulent ads to a cyber attack, yet former employees have revealed troubling internal practices, including aggressive tactics to extract additional deposits from clients. As the situation unfolds, many victims are seeking justice, highlighting the urgent need for regulatory scrutiny in the online trading sector.