Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
Hi,I'm Zoey.I've reviewed your post. Please be patient as I may need to research for you, and it also takes time to compose and type a reply.
Unfortunately, you dealt with an unregistered, unregulated binary broker. You fell for their attractive sales pitch and their promises that they didn't and won't ever deliver, because they are outright scammers with no authority to trade in Australia or anywhere else and they are operating outside of your law.
Your government requires brokers to have a financial services license through ASIC to be able to do operate legally. ASIC has let you know that this one is a fraud. Unregulated binary and forex brokers make their own rules up as they go along. Their sole reason for being is to defraud potential investors. A common hallmark of the scam is that when you try to get your money out, they instead demand you put more money in. Or they just run off with your funds. Either way, this is not how legitimate brokers work.
All you can do is to report the fraud to your police, to Scamwatch.gov.au and to ASIC. If yu can find out who and where they really are -- typically underground in Israel or Cyprus no matter where they claim to be -- you can take legal action against them to reclaim your money. But finding them will be a job for law enforcement.
Just checking in to see if you need more help or any clarification of my answer. If so, please reply here on this question thread.