Binomo Investment Scam Exposed

Binomo investment version in Nigeria is a huge scam!

According to information from a confirmed source, Binomo investment in Nigeria created WhatsApp groups, which it uses to market its investment scam packages to unsuspecting members of the public, who join such groups in search of investment opportunities.

This scam Binomo investment Nigeria IS NOT the same as BINOMO (Binomo.com), which is a broker. The BINOMO INVESTMENTS in question maintains a dead-end site at binomo.binaryoptionindo.com.

The number used to create the scam WhatsApp group is +2348025135299, while the number used by Mr Ade the scammer is +2347068726300.

What is Binomo Nigeria?

Binomo 58

Binomo Nigeria is a scam investment campaign that claims to pay investors double of what they invested within 45 minutes, and also claims that by investing in Bitcoin, FOREX, and what it called “CASH CHAIN” and “Kuwait currency”, it will pay you three times your investment within 15 minutes.

This is high-level scam and Ponzi scam – Beware!

In the words of the scam investment promoter, Mr Ade;

“Binomo is a platform that allows you to earn double of what you invest within 45 minutes time.

If you invest money with us, we will trade it with the hard currencies; like BITCOIN, FOREX, CASH CHAIN [sic] and others within 15 minutes we will make triple of your investment and send u double in 30 minutes and benefit one part [sic].

For Example; If You invest With 50,000 Naira within 45-1hr, the mining drops and we Make Profit of 150,000, then Send 100,000 to you and then profit of 50,000 is for THE COIN BASE Company.

You Pay Directly To Us, and We Pay You Directly. Same Applies To The Rest Packages.”

How Binomo works in Nigeria

This Nigerian version of Binomo offers scam investment packages it describes as Student Packages, Salary Packages, and Business Packages, all attracting a return of 100%.

The Student Packages start from as low as N10,000 investment and as high as N40,000 investment, while the Salary Packages start from N50,000 to N80,000.

Lastly, the Business Packages start from N100,000 to as high as N500,000.

Binomo investment platform

Binomo Investment Nigeria

On a call with one of their authors (who says he is a financial assets trader), he acknowledged the prevalence of money-doubling scams by purported Binomo agents.

But when pressed on his company’s status as a Binomo third party agent, he said they stopped facilitating Binomo trades two months ago (the above-mentioned blog post is dated 24th October 2018, a month or so after Binomo’s branding partnership with Moses).

He would not clarify why they stopped, though he insists Binomo remains legitimate.

On their websites, Binomo and Olymp Trade say they are ‘category A members of the Financial Commission‘, a so-called “independent self-regulatory organization and external dispute resolution (EDR) body”.

It is unclear that this body has any ties to any national government or rules-based financial regulator.

This September, the Cyprus Securities and Exchange Commission (CySec) warned its citizens that binomo “does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities”.

Does Binomo have investment app?

Yes the original platform has Binomo investment app, which you can actually download from the footer region of the platform.

Where is Binomo office located in Nigeria?

According to the research made by the ‘Staunch, they claim to have an office located at No. 15 Parakou, Wusu ll Abuja road side welder in Abuja, 123, Abuja, Abuja Federal Capital Territor, Nigeria.

Is it safe to invest in Binomo?

In September 2018, Binomo launched a Nigerian version featuring former national football star, Victor Moses as brand ambassador.

At the time, they claimed to have been operating in Nigeria since the first quarter of the year; you probably got tired of their ads on YouTube at some point. ‘Binomo world’ is a verified page on Facebook, is liked by over 36,000 accounts.

A bio on binomo.com says it was founded in 2014. Its address is in St Vincent and the Grenadines, an island country in the Caribbean.

You will find flattering testimonials from “Ayinde Abraham Lincoln” and “Adeyemi Iseoluwa Isaac” (tracking these persons for comment proved impossible). But a ‘binomo’ search across Facebook, Instagram and Twitter hardly turns up an account claiming to be trading assets on the platform.

It is people like the promoters of Binomo investment scam that is giving the blockchain community a bad name. Please always avoid these kinds of scams, as they are criminals.

Before it’s too late for unsuspecting members of the cryptocurrency community and the public, please share this SCAM ALERT on all the platforms you belong.


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