Big Joke at work again - now busting Forex trading that is like online roulette!

[webfact]

Big Joke at work again - now busting Forex trading that is like online roulette!

 

Picture: Thai Tourist Police Bureau

 

The Tourist Police Bureau working with tech cops and other agencies have announced the arrest of 19 people employed in an online operation that amounted to simple gambling.

 

Hundreds of millions of baht in turnover were reported by the TPB website.

 

People were lured into a website called www.siamoption.com. to trade in something called binary options that are suitable for low skilled traders.

 

Picture: Thai Tourist Police Bureau

 

But once on the site the "investors" were essentially betting on movements in Forex markets.

 

This meant it came into legislation forbidding gambling in Thailand.

 

Picture: Thai Tourist Police Bureau

 

There were 1.4 million members and turnover reached 600 million baht.

 

A total of 19 people were arrested in 9 raids in Bangkok, Khon Kaen and Phuket.

 

Leading the police and military teams in the busts and working on government orders was Pol Maj Gen Surachet Hakpal, the darling of the Thai media known as Big Joke for his high profile busts.

 

Source: Thai Tourist Police Bureau

 

-- © Copyright Thai Visa News 2018-08-16

[bluesofa]

Is this much different to 'playing' the stock market - apart from the fact the stock market is legalised gambling?

 

Just like the government lottery, that's not gambling, it's a 'game of chance' - because that's how the government describe it every time to defend it.

 

[Chang_paarp]

In breaking news the SET has banned any jokes ( big or small ) from coming near the premises. 

[JAG]

I think the bullet points are:

 

B600 million turnover. 

1.6 million people involved. 

A new concept in financial trading which was not in the hands of the "right people". 

[zaphod reborn]

17 minutes ago, bluesofa said:

Is this much different to 'playing' the stock market - apart from the fact the stock market is legalised gambling?

 

Just like the government lottery, that's not gambling, it's a 'game of chance' - because that's how the government describe it every time to defend it.

 

Running an unregulated forex binary options website is considered gambling, even in the West.  https://www.nasdaq.com/article/binary-options-gambling-or-financial-instrument-cm560900

[55Jay]

If you have the chops and can lie to peoples' faces without laughing, the big money is still in fabricating your own religion, or becoming a franchisee of an existing one.  

 

Invisible internet currency was a similarly brilliant idea as well. 

[Bluespunk]

51 minutes ago, webfact said:

movements in Forex markets.

Got a friend who makes a good income on this.

 

Well, says he does. 

 

Quit his job in school to focus on it. 

 

I’ll have to ask him if he knows it’s illegal. 

[bluesofa]

1 hour ago, webfact said:

betting on movements in Forex market

I'd guess that Prawit has recently had plenty of experience of this.

 

[anon789561]

1 hour ago, zaphod reborn said:

Running an unregulated forex binary options website is considered gambling, even in the West.  https://www.nasdaq.com/article/binary-options-gambling-or-financial-instrument-cm560900

of course. so money confiscated along with all the other evidence on how it works, few months later an online regulated binary options site up and running

[DrTuner]

Right, binary options. For those who find 500:1 leveraged margin trading too tame. 

[fxe1200]

The website is still alive and kicking. Take it down Big Joke!

[kannot]

2 hours ago, bluesofa said:

Is this much different to 'playing' the stock market - apart from the fact the stock market is legalised gambling?

 

Just like the government lottery, that's not gambling, it's a 'game of chance' - because that's how the government describe it every time to defend it.

 

Just  like everything here its anything they want it to be. 

[Happyman58]

2 hours ago, Bluespunk said:

Got a friend who makes a good income on this.

 

Well, says he does. 

 

Quit his job in school to focus on it. 

 

I’ll have to ask him if he knows it’s illegal. 

1

Bluespunk it is legal ok to do forex trading

 

 

 

[Happyman58]

2 hours ago, Bluespunk said:

Got a friend who makes a good income on this.

 

Well, says he does. 

 

Quit his job in school to focus on it. 

 

I’ll have to ask him if he knows it’s illegal. 

MMm Before you ask him that Punk type into google and ask Is forex trading legal In Thailand. You will find it is 100% legal I know the way the editor wrote up the story that Forex trading got busted, No they did not It was binary options that got busted which is an offshoot created from forex and has nothing to do with them Forex is registered  withThai securities Binary options is not and is illegal

[spidermike007]

Not under government control. Outside of the realm of taxation. No official is profiting from this. We cannot control it.

 

All of these things are bad for us. We do not like this. And, we like all that money that we were able to confiscate, without having to return it to the rightful owners. All in a good days work.

[saminoz]

They are called Binary Options becuse you essentially "bet" on the exchange rate going up, or down.

It's a legitimate form of Forex trading and seen as a agetway to a alrger exposure on the Forex markets.

The leverage is scary though and you can lose your shirts with a few points move in the wrong direction.

[Happyman58]

1 hour ago, saminoz said:

They are called Binary Options becuse you essentially "bet" on the exchange rate going up, or down.

It's a legitimate form of Forex trading and seen as a agetway to a alrger exposure on the Forex markets.

The leverage is scary though and you can lose your shirts with a few points move in the wrong direction.

They are totally illegal because they are not registered with Thai securities Forex traders are Forex works on a leverage of 1.1 to 1,5 This mob i don't know must be high

[Happyman58]

1 hour ago, spidermike007 said:

Not under government control. Outside of the realm of taxation. No official is profiting from this. We cannot control it.

 

All of these things are bad for us. We do not like this. And, we like all that money that we were able to confiscate, without having to return it to the rightful owners. All in a good days work.

You are on fire today Mike I love it lol

[stud858]

7 hours ago, bluesofa said:

Is this much different to 'playing' the stock market - apart from the fact the stock market is legalised gambling?

 

Just like the government lottery, that's not gambling, it's a 'game of chance' - because that's how the government describe it every time to defend it.

 

That's what I thought, the government make a rule about banning gambling, but then break their own rule. I don't belong on this planet.  When will Mars be ready?

[Julie H]

Hopefully he goes after foreign online poker players next 

[anon789561]

it's a ruskie from Phuket they are after for this so no doubt will learn how he set it up and copy it.

funny comparison but they did the same to the ruskies in pattaya last year or the year before that were making tens of millions a month selling dick enlargement cream online to thais.

all raided and closed down and thai owned dick creams were all over the net in less than a month.

[balo]

18 minutes ago, Julie H said:

Hopefully he goes after foreign online poker players next

No he wont , just like he wont go after digital nomads.  

 

It does not involve Thailand in any way except they happen to be online during their vacation / extended stay .  The accounts are opened in the UK or any other EU country .  With a valid visa there is nothing Big Joke can do . 

 

[manarak]

6 hours ago, Happyman58 said:

They are totally illegal because they are not registered with Thai securities Forex traders are Forex works on a leverage of 1.1 to 1,5 This mob i don't know must be high

how does "forex" register with Thai authorities, lol.

 

no, it's the financial intermediaries, banks, brokers, etc. that require registration and licensing.

 

Quote

But once on the site the "investors" were essentially betting on movements in Forex markets.

This meant it came into legislation forbidding gambling in Thailand.

this explanation is simplistic and most likely yet another journalism failure.

[observer90210]

Grining Rambo in his blue jumpsuit is back in the house, as per the photo !!

[Happyman58]

7 hours ago, manarak said:

how does "forex" register with Thai authorities, lol.

 

no, it's the financial intermediaries, banks, brokers, etc. that require registration and licensing.

 

this explanation is simplistic and most likely yet another journalism failure.

ok mr jolly  forex is registered with thai securities 

 

[manarak]

8 hours ago, Happyman58 said:

ok mr jolly  forex is registered with thai securities 

 

nope.

[Happyman58]

1 hour ago, manarak said:

nope.

Ok good won't lose any sleep over it

[huberthammer]

On 8/16/2018 at 1:22 PM, Bluespunk said:

Got a friend who makes a good income on this.

 

Well, says he does. 

 

Quit his job in school to focus on it. 

 

I’ll have to ask him if he knows it’s illegal. 

there is a difference between just trading Forex or doing Binary options.   

 

There are so many cowboys in that industry that most of the western countries crack down hard on a lot of these low capitalised and largely unsound companies. The way they are setup and how it works does indeed compare closely to Roulette (on a badly run, unregulated online casino).

 

Completely different from trading Foreign Exchange with regulated institutes in Thailand or abroad.

[huberthammer]

On 8/16/2018 at 4:14 PM, spidermike007 said:

Not under government control. Outside of the realm of taxation. No official is profiting from this. We cannot control it.

 

All of these things are bad for us. We do not like this. And, we like all that money that we were able to confiscate, without having to return it to the rightful owners. All in a good days work.

nonsense comment - how many people do you think lost big money dealing with unregulated investment companies?

 

In your countless posts you accuse Thailand of being behind the curve in their legislation and law enforcement but then you come up with clueless comments about the enforcing regulations the same way any "developed" country would

 

[Seeall]

On 8/16/2018 at 12:36 PM, bluesofa said:

Is this much different to 'playing' the stock market - apart from the fact the stock market is legalised gambling?

 

Just like the government lottery, that's not gambling, it's a 'game of chance' - because that's how the government describe it every time to defend it.

 

Its legal if the Gov get their cut .... same old story ...  everywhere....