Binomo's Scam Risk Escalates Amid Investor Complaints of Blocked Funds and No Path to Resolution

A Nigerian investor has recently filed a complaint with BrokersView, alleging that Binomo unjustly blocked his trading account and withheld his funds.

According to the investor’s complaint, his account was initially registered under his brother’s details for assistance during setup, but he has been the sole user and has consistently deposited funds from his own verified payment sources. Despite submitting comprehensive documentation to verify his identity, familial relationship, and legitimate account usage, Binomo’s Security Service proceeded to block the account, citing a breach of their single-account policy.

Compounding the issue, Binomo’s support team allegedly refused to engage in any further communication unless contacted via the original registered email address, which the investor no longer has access to, obstructing any path to resolution. His multiple attempts to resolve the matter directly with Binomo have failed.

This case raises serious concerns about Binomo’s procedural fairness and accountability.

Similar incidents have been reported, with Binomo allegedly freezing accounts and blocking withdrawals without justification and offering varying excuses.

Widespread Reports of Unpaid Withdrawals and Frozen Accounts

More clients reported that Binomo withdrawals are often blocked. Some accounts were frozen after withdrawal requests, even when all verification steps and turnover requirements were completed. These issues have led to allegations of fraudulent practices.

Failed or Delayed Deposits

Clients from India and Pakistan also reported serious delays in deposit processing on Binomo. One Indian client’s ₹14,000 deposit made on July 27, 2025, debited from his bank and confirmed as received by Binomo’s acquiring bank, was credited to his trading account only after a month of repeated follow-ups. Separately, a Pakistani client’s 15,000 PKR deposit remains inaccessible due to a declined CNIC verification, with no resolution provided beyond the promised timeframe. 

Binomo’s Scam Risk Profile: No Verified License, Global Warnings

Binomo claims category “A” membership with The Financial Commission, a dispute resolution body, not a forex broker licensing regulator. Its entities, Dolphin Corp LLC and Pollack Trade LTD, are allegedly registered in SVG and Bulgaria, respectively. However, the Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) does not regulate forex brokers, and no regulatory record was found under Bulgaria’s Financial Supervision Commission (FSC). Binomo is therefore not regulated by any recognized financial authority.

In addition, Binomo has been flagged by multiple financial regulators worldwide for unauthorized investment activities, including Brazil's Securities and Exchange Commission (CVM), the Cyprus Securities and Exchange Commission (CySEC), and the Spanish National Securities Market Commission (CNMV).

Bottomline

BokersView has identified Binomo as a Scam Broker. Investors are advised to avoid any engagement with the platform to prevent potential loss of funds.

If you've fallen victim to financial scams or faced potential fraudulent practices or misconduct by your brokers, reach out to us through Submit a Complaint. The BrokersView team is dedicated to exposing scams, raising investor awareness, and assisting with dispute resolution between traders and brokers free of charge.

Update

We have received Binomo’s response to the incident:

We have reviewed the circumstances of the case concerning the personal trading account and several other affiliated accounts. These accounts were flagged by the platform’s automated anti-fraud system and subsequently referred to the Company’s Security Department for additional verification.

Following a thorough review of trading server logs, payment transactions, and account verification details, the Company decided to terminate cooperation with the account holder as a platform user. This decision is based on the terms outlined in paragraphs 4.9, 5.19, and 12.13 of the Client Agreement. Notifications regarding this action were sent directly to the client’s registered email address, and access to the account has been restricted.

We confirm that the Company’s actions are fully consistent with the Client Agreement and internal policies. Accordingly, this decision is final and not subject to revision.

However, questions remain.

Binomo referred to specific clauses in its Client Agreement but did not specify which actions triggered the alleged breach. Without details, the statement lacks credibility. 

This statement claims that “Notifications regarding this action were sent directly to the client’s registered email address,” yet the client explicitly stated he can’t access the original registered email account. The statement further asserts that “this decision is final and not subject to revision,” severing the affected client's recourse in a near-unilateral manner.

In addition, Binomo operates without authorization from any recognized financial regulators. Its claim of consistency with internal policies carries limited weight when external accountability is absent.