The director of a fake binary options company who defrauded 42 victims out of £475,000 has been jailed.

European regulators have banned retail investors from investing in binary options after nearly £60m was cheated from consumers in the UK alone.

The FCA says the dangers of binary options investment fraud are growing with over £87,000 lost to binary options scams every day in the UK.

The FCA has today released a list of 94 firms that it understands to be offering binary options trading without FCA authorisation.