Authorities Block 68 Illegal Investment Websites

TheIndonesia.id - The Commodity Futures Trading Regulatory Agency, or Bappebti, reported that it has blocked at least 68 illegal investment websites, including trading robot, in 2022.

Head of market development at Bappebti Tirta Karma Senjaya said blocking these illegal websites is part of the preventive measures by the Agency to protect the public.

“It’s a preventive effort by blocking the websites, including trading robot and binary,” Senjaya said on Wednesday, March 30, as reported by Antara.

In addition to websites, Bappebti has also blocked nine social media pages and put a stop to one trading-related activity. Therefore, in total, Bappebti has acted against 78 illegal brokers this year, while in 2021, it blocked 1,108 websites, 88 apps, and 26 social media pages.

According to him, Bappebti is focusing on combating the practice of illegal commodity futures trading, but he also warned the public to get educated on the different modus by perpetrators, such as trading robot.

The provider of trading robot usually offers fixed income or profit which is marketed through television, radio, electronic media, and social media.

“These companies also promises automated transaction and ‘tidur nyenyak dapat untung’ [high profit while doing nothing], and offers the service of trading robot through member-get-member scheme,” Senjaya explained.

He added that commodity futures trading providers usually piggyback on legal brokers, forge legality from Bappebti, and offer investment package with high return, and promise fixed income, passive income, and profit sharing.

“They usually use binary option platform, guessing the trend of an asset within a certain period, then work with affiliates, agents, or influencers,” Senjaya said.

Within the last few weeks, trading has been one of the most-talked-about issues in Indonesia after influencers Indra Kenz and Doni Salmanan were arrested and later named suspects in binary option fraud cases.