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Binary option trading is closer to gambling than it is to other forms of investing. This is why your country, along with most other countries, does not require binary brokers to be regulated by your financial regulatory authority.
Also, most binary brokers which are unregulated operate from somewhere offshore and are outside of the reach of your law. That means if they cheat you can't find them to exercise legal remedies.
Most unregulated binary option brokers are scams. They take the money they make unauthorized trades with it and they wipe out your investment. They profit. You lose everything
How do they get away with it? In most instances nobody knows where to find them to bring them to justice. Unregulated finally brokers are very dangerous to deal with.