The concept of the binary options exchange gained popularity in the late 2000s and early 2010s as a simplified way for retail investors to speculate on financial markets. These platforms allowed users to place "yes/no" bets on whether an asset's price would be above or below a certain point at a specific time. Due to the high-risk, all-or-nothing nature of the product and widespread instances of fraudulent practices, price manipulation, and refusal to pay out winnings, the industry faced a massive global regulatory crackdown starting around 2016-2018. Consequently, most legitimate providers have ceased operations or pivoted to other financial products like CFDs in regulated jurisdictions.

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