JOSR: Journal of Social Research
Desember 2022, 2 (1), 206-213
p-ISSN: 2827-9832 e-ISSN: 2828-335x
Available online at http:// https://ijsr.internationaljournallabs.com/index.php/ijsr
http://ijsr.internationaljournallabs.com/index.php/ijsr
LEGAL PROTECTION OF ONLINE INVESTORS ON THE BINOMO
APP BY ALERT TASK FORCE
INVESTMENT FINANCIAL SERVICES AUTHORITY
Suwandi, Kusno, Toni
Faculty of Law, University of Labuanbatu
Suwandioppo438@gmail.com, kusno120485@gmail.com, toni300586@gmail.com
Abstract (Indonesia)
Received:
Revised :
Accepted:
November 26,
2022
November 29,
2022
December 01,
2022
Latar Belakang: Secara garis besar, investasi adalah suatu
komitmen atas sejumlah dana atau sumber daya lainnya
seperti peralatan (Equipment), Asset tak bergerak, hak atas
kekayaan intelektual, maupun keahlian. Investasi dilakukan
secara pribadi maupun badan hukum. Investasi secara umum,
memiliki beberapa tujuan yang pertama, untuk mendapatkan
kehidupan yang lebih layak dimasa yang akan datang, yang
kedua untuk mengurangi tekanan inflasi, yang ketiga untuk
menghemat pajak.
Tujuan: Penelitian ini bertujuan untuk mengetahui serta
menganalisis tentang perlindungan hukum terhadap Investor
online pada aplikasi binomo oleh Satuan tugas waspada
investasi otoritas jasa keuangan. Serta mengetahui serta
menganalisis tentang.
Metode: Penelitian ini termasuk jenis penelitian normatif.
Sehingga dapat diketahui bahwa perlindungan hukum
terhadap investor oleh Perusahaan Pialang implementasinya
belum cukup dapat mengakomodir kepentingan Investor.
Hasil: Dalam Undang-Undang Nomor 21 Tahun 2011
tentang Otoritas Jasa Keuangan (UU OJK), wewenang dan
tugas OJK adalah mengawasi Lembaga Jasa Keuangan
(LJK) di sektor pasar modal, sektor industri keuangan non-
bank (seperti: asuransi, dana pensiun, perusahaan
pembiyaan, dll) dan mulai tahun 2014 juga akan mengawasi
sektor perbankan (Bank Umum dan Bank Perkreditan
Rakyat).
Kesimpulan: Berdasarkan pemaparan di atas, maka dapat
disimpulkan bahwa perlindungan hukum terhadap investor
oleh Perusahaan Pialang implementasinya belum cukup
dapat mengakomodir kepentingan Investor.
Kata kunci: Perlindungan Hukum, Investasi Online,
Otoritas Jasa Keuangan
Suwandi, Kusno, Toni / JOSR: Journal of Social Research, 2(1), 206-213
Legal Protection of Online Investors on the Binomo App by Alert Task Force
Investment Financial Services Authority 207
Abstract (English)
Background: Broadly speaking, an investment is a
commitment to a certain amount of funds or other resources
such as equipment, immovable assets, intellectual property
rights, or expertise. Investments are made personally as
well as by legal entities. Investment in general, has several
objectives, the first, is to get a more decent life in the future,
the second is to reduce inflationary pressures, and the third
is to save taxes.
Objective: This study aims to find out as well as analyze the
legal protection of online Investors on the Bonomo
application by the investment alert task force of the
financial services authority. As well as knowing and
analyzing about.
Methods: This research belongs to the normative type of
research. So it can be known that the legal protection of
investors by brokerage companies has not been sufficiently
able to accommodate the interests of investors.
Result: In Law Number 21 of 2011 concerning the
Financial Services Authority (OJK Law), the authority and
duty of the OJK are to supervise Financial Services
Institutions (LJK) in the capital market sector, the non-bank
financial industry sector (such as insurance, pension funds,
financing companies, etc.) and starting in 2014 will also
supervise the banking sector (Commercial Banks and
People's Credit Banks).
Conclusion: Based on the above explanation, it can be
concluded that the legal protection of investors by
brokerage companies has not sufficiently accommodated
the interests of investors.
Keywords: Legal Protection, Online Investment, Financial
Services Authority
*Correspondent Author: Suwandi
Email: Suwandioppo438@gmail.com
INTRODUCTION
The development of the globalization world in modern times has become a familiar
thing for all countries and every corner of the world. As a result, it has a positive and
negative impact, including in terms of the economy, both in the form of investment and
investment that has positive and negative sides.
Suwandi, Kusno, Toni / JOSR: Journal of Social Research, 2(1), 206-213
Legal Protection of Online Investors on the Binomo App by Alert Task Force
Investment Financial Services Authority 208
The many advantages obtained in investing make many people tempted to make
investments, both in the form of savings, stocks, forex trading, and others. Broadly
speaking, investment is a commitment to several funds or other resources such as
equipment, immovable assets, intellectual property rights, and expertise.
Investments are made personally as well as by legal entities. Investment in general,
has several objectives, the first, is to get a more decent life in the future, the second is to
reduce inflationary pressures, and the third is to save taxes.
In Law Number 21 of 2011 concerning the Financial Services Authority, the
authority and duties of the OJK are to supervise Financial Services Institutions (LJK) in
the capital market sector, the non-bank financial industry sector (such as insurance, pension
funds, financing companies, etc.) and starting in 2014 will also supervise the banking sector
(Commercial Banks and People's Credit Banks) (Undang-Undang Nomor 21 Tahun 2011
Tentang Otoritas Jasa Keuangan, n.d.).
Companies or parties that make illegal investment offers are almost mostly not
Financial Service Institutions (LJK) so the Company or party is not registered and
supervised by the OJK. Thus, OJK cannot ensure the legality aspect of the company.
Related to this, to participate in countering illegal investment offers that harm and
disturb the community. OJK has two strategies, namely: Preventive. Socializing and
educating the public about the characteristics of fund-raising activities and managing
illegal investments Knowledge sharing with law enforcement and regulators in the regions.
Repressive. Assist in coordinating efforts between relevant institutions to speed up
the handling process through the cooperation framework of the Task Force for Handling
Alleged Unlawful Acts in the Field of Fund Raising and Investment Management or better
known as the Investment Alert Task Force.
Cases and public complaints related to illegal investments reported to the OJK will
be coordinated with the Investment Alert Task Force for handling. This Investment Alert
Task Force was formed by the Commissioner of the Financial Services Authority as stated
in the Decree of the OJK Board of Commissioners Number: 01 / KDK.04 / 2013 dated June
26, 2013.
From the Decree of the OJK Commissioner, a Memorandum of Agreement
between the Heads of institutions and members of the Investment Alert Task Force was
prepared as the legal umbrella of the Task Force to strengthen the joint commitment
between ministries/institutions in the implementation of the main duties of the Investment
Alert Task Force (Decree of the OJK Board of Commissioners Number: 01 / KDK.04 /
2013 dated June 26, 2013).
The Memorandum of Understanding is contained in the Memorandum of
Agreement of the Financial Services Authority Number: PRJ-07 / D.01 / 2016, Ministry of
Trade of the Republic of Indonesia Number: 822 / M.DAG / MOU / 6/2016, Ministry of
Communication and Informatics of the Republic of Indonesia Number: 1039 / MOU /
M.KOMINFO / HK.03.02 / 06 / 2016, Ministry of Cooperatives and Small and Medium
Enterprises of the Republic of Indonesia Number 09 / KB / M.KUKM / VI / 2016:
Prosecutor's Office of the Republic of Indonesia Number: KEP – 459 / A / JA / 06 / 2016,
Police of the Republic of Indonesia Number: B / 35 / VI / 2016, Investment Coordinating
Board Number: 25 / KS / BKPM / 2016 Concerning Coordination of Prevention and
Handling of Alleged Unlawful Acts in the Field of Community Fund Collection and
Investment Management (Nota Kesepakatan Itu Tertuang Pada Nota Kesepakatan
Otoritas Jasa Keuangan Nomor : PRJ-07/D.01/2016, n.d.).
Article 5 paragraph 1 of this memorandum of agreement explains that the
Investment Alert Task Force carries out the task of preventing and handling suspected
unlawful acts in the field of collecting public funds and managing investments.
Paragraph 2 of the same article explains that the membership of the Investment
Alert Task Force is appointed by the parties and determined based on the Decision of the
Board of Commissioners of the Financial Services Authority.
Suwandi, Kusno, Toni / JOSR: Journal of Social Research, 2(1), 206-213
Legal Protection of Online Investors on the Binomo App by Alert Task Force
Investment Financial Services Authority 209
Furthermore, the Second and Third parts, articles 8 and 9 of this Memorandum of
Understanding contain the prevention of unlawful actions in the Field of Community Fund
Raising and Investment Management as well as the Handling of alleged unlawful acts in
the Field of Community Fund Raising and Investment Management carried out by the
Investment Alert Task Force.
Consumer and public protection are contained in Article 28 of Law Number 21 of
2011 concerning the Financial Services Authority (Undang-Undang Nomor 21 Tahun 2011
Tentang Otoritas Jasa Keuangan, n.d.).
In its supervisory duties, OJK carries out two supervisory actions, namely the
initial action, or called preventive action (to prevent). Then repressive acts (in an attempt
to follow up on criminal proceedings) (Adrian Sutedi, 2014).
Nowadays, there are not a few illegal investments that are rampant. Recently, there
has been a hot case involving a well-known celebgram named Indra Kenz or better known
as crazy rich from Medan.
The Criminal Investigation Agency (CID) of the National Police Headquarters
officially issued a detention warrant against influencer Indra Kesuma alias Indra Kenz after
being named as a suspect in a case of alleged investment fraud through the Binomo
application (https://bisnis.tempo.co/read/1569472/6-modus-penipuan-investasi-bodong-
indra-kenz-dan-doni-salmanan, accessed on November 20, 2022, at 17.00 WIB).
Therefore, OJK as the Chairman of the Investment Alert Task Force asks the public
before investing to understand things such as ensuring that the party offering the investment
has a license from the competent authority for the business activities carried out. The
victims of this illegal Binomo application are almost all over Indonesia.
RESEARCH METHODS
The research method used in this study is a normative legal research method.
Normative legal research is legal research carried out by examining library materials or
secondary data (Soekanto, 2007).
According to Peter Mahmud Marzuki (Marzuki, 2017), normative legal research is
a process to find a rule of law, legal principles, and legal doctrines to answer the legal issues
faced.
In this type of legal research, often the law is conceptualized as what is written in
legislation or law is conceptualized as a rule or norm that is a benchmark for human
behavior that is considered appropriate (Asikin, 2004).
RESULTS AND DISCUSSION
Legal protection of online Investors on Binomo application by the investment alert
task force of the financial services authority
In Law Number 21 of 2011 concerning the Financial Services Authority (OJK Law),
the authority and duties of the OJK are to supervise Financial Service Institutions (LJK) in
the capital market sector, the non-bank financial industry sector (such as insurance, pension
funds, financing companies, etc.) and starting in 2014 will also supervise the banking sector
(Commercial Banks and People's Credit Banks).
Companies or parties that make illegal investment offers are almost mostly not
Financial Service Institutions (LJK) so the Company or party is not registered and
supervised by the OJK. Thus, OJK cannot ensure the legality aspect of the company.
Related to this, to participate in countering illegal investment offers that harm and
disturb the public, OJK has two strategies, namely:
Suwandi, Kusno, Toni / JOSR: Journal of Social Research, 2(1), 206-213
Legal Protection of Online Investors on the Binomo App by Alert Task Force
Investment Financial Services Authority 210
Protection preventively and repressively. Preventive protection is a type of protection
whose purpose is to prevent disputes.
Meanwhile, repressive protection is implemented when a dispute has occurred and its
purpose is to resolve the dispute. A business engaged in the financial sector is one of the
businesses that are prone to traps because in this case, investors are easier to be harmed.
In addition, many people have bad intentions to get as much profit as possible.
Therefore, an instrument is needed to be able to protect consumers and victims who
have been deceived by traps. In the civil domain, protection for victims or parties who
suffer losses is regulated in Article 1365 of the Civil Code.
Article 1365 of the Civil Code is listed as follows: Everyone who commits unlawful
acts is required to compensate for losses arising from his mistakes.
The above article is known as the article of tort (PMH) in the civil domain. The
meaning of an act against the law is an act of doing or not doing which has been contrary
to obligations or has violated the rights of others.
The definition of law here is expanded not only based on written legal rules but also
unwritten ones included in it, such as decency and community norms. The second element
of Article 1365 of the Civil Code is regarding the error.
In Rutten's opinion, a person can be held liable for unlawful acts if there is a mistake
in it.
Mistakes are divided into two, namely errors with intentionality and errors due to
negligence. Mistakes by intentionality as well as by negligence have the same
consequences. The next element is loss.
In this case, the losses are both material and material. What is meant by material loss
is a loss that has a tangible form while immaterial loss is a loss of benefit or profit in the
future.
The last element in Article 1365 of the Civil Code is the existence of a causal
relationship between the perpetrator and the victim of the losses suffered. This article may
apply if there is a causal relationship between loss and tort.
If there is a relationship between the two, the perpetrator can be held accountable for
his actions.
So that it can be concluded that legal protection for victims can be asked for losses if
the elements of unlawful acts are met, there are errors, losses, and causal relationships.
Furthermore, what is meant by a victim is someone who experiences suffering, both
physically, mentally, and economically due to a criminal act (Article 1 number 2 of Law
Number 13 of 2006 concerning Witness and Victim Protection).
Meanwhile, in civil law, Saparovic stated that those who can be declared victims are
not only limited to the occurrence of a criminal act but also victims of material and
immaterial losses due to not doing a job.
Legal protection for victims is also known in Law Number 8 of 1999 concerning
Consumer Protection, it is regulated because consumers are in a weaker position so they
are prone to becoming victims of harmful actions.
As previously known, binary options are one of the activities where traders guess the
price movement of an asset in a certain period.
It is called binary options because traders are required to choose one of two options,
if the trader can guess correctly they will get a big profit or suffer a loss if he guesses wrong.
The value of binary options derivatives is determined by the price of the underlying
asset, such as gold or foreign currency. In its development, binary options are traded over
the counter which was previously required through the Chicago Board of Option Change
(CBOE).
That is, currently, the transaction is carried out in real-time where market participants
transact directly such as Binomo, Olymp Trade, and IQ Option.
Suwandi, Kusno, Toni / JOSR: Journal of Social Research, 2(1), 206-213
Legal Protection of Online Investors on the Binomo App by Alert Task Force
Investment Financial Services Authority 211
To be able to trade binary options, traders require investors to deposit a certain amount
of money as an initial deposit or deposit. Using the deposit, investors can use it to "call"
or "put".
The order is an agreement to deposit in the form of a contract on the selected option
based on the commodities provided on the Binomo platform.
Furthermore, investors will be welcome to choose between two options regarding the
price movement of an asset. If it is correct in guessing within a predetermined time, then
the investor will find a return on the previously agreed price.
But if the investor guesses to deviate from the specified time, all the money deposited
by the investor will be withdrawn so that it suffers a loss (out of the money).
Binary Options were introduced at the Chicago Board of Option Change (CBOE)
press conference in 2006. Then, after two years binary options are increasingly popular
with the general audience and even equated with the Retail Forex Market.
Forex trading (foreign exchange) is trading the currency of one country with other
countries, for example in forex trading simultaneously buying euros and selling dollars
(known as EUR / USD).
Meanwhile, what is meant by the forex market is the cash market where there is a
country's currency that is traded non-stop.
The investment advantage of this forex trading is that there is a difference when buying
and reselling the currencies of countries that have been traded previously.
This difference arises from price fluctuations. In forex, there is an element of
speculation and certainty of predictions that form the stigma that forex is gambling.
Binomo is not a type of commodity futures trading because customers or users are
required to deposit a certain amount of money beforehand which will be welcome to choose
between two options regarding the price movement of an asset.
If it is true, it will get a profit and if not all the money deposited will be withdrawn.
A commodity is a real object that can be traded easily, stored for a certain period,
exchanged for other products, handed over in physical form, and can be traded through an
exchange.
The definition of commodities is contained in Article 1 number 2 of Law Number 10
of 2011 concerning Amendments to Law Number 32 of 1997 concerning Commodity
Futures Trading, which states that:
Commodities are all goods, services, other rights and interests, and any derivatives of
the Commodity that can be traded and are the subject of Futures Contracts, Sharia
Derivative Contracts, and/or other Derivative Contracts.
Binary options are not a thing. Therefore, it can be concluded that binary options do
not include objects and there are no material rights attached to them.
Then to be able to find out whether binary options are commodities, it is necessary to
pay attention to Article 1 of the Commodity Futures Trading Supervisory Agency
Regulation Number 3 of 2019 concerning Commodities that can be used as the subject of
Futures Contracts, Sharia Derivative Contracts, and/or Other Derivative Contracts Traded
on the Futures Exchange.
Based on the article, it has been stated what can be the subject of futures contracts and
binary options are not included in it.
Although in Article 3 the regulation a quo binary options have been fulfilled, namely
the existence of stock indices, foreign currencies, and gold if understood further in Article
4 a quo states that commodities can only be traded if they have obtained the approval of
the Head of BAPPEBTI.
Even though it has been well-known in Indonesia, it does not mean that binary options
have been licensed to operate. In August 2021, 249 domains had been blocked by the
Commodity Futures Trading Supervisory Agency (Bappebti), One of them belongs to
Binomo as an application that uses a binary options system. This is also strengthened based
on Law Number 10 of 2011 concerning Amendments to Law Number 32 of 1997
Suwandi, Kusno, Toni / JOSR: Journal of Social Research, 2(1), 206-213
Legal Protection of Online Investors on the Binomo App by Alert Task Force
Investment Financial Services Authority 212
concerning Commodity Futures Trading which states that binary options practices are
illegal transactions and are not recognized for their existence in Indonesia.
Based on the results of the analysis, it can be concluded that binary options are not
one of the commodities that can be legally traded in Indonesia.
Therefore, the Futures Trading Act cannot provide a legal umbrella for existing
transactions on this Binomo platform. This is exacerbated by the absence of Binomo branch
offices in Indonesia, making it difficult to hold accountable.
In introducing the products offered, the Binomo platform that uses binary options
conducts promotions through affiliates.
The purpose of a platform using the help of an affiliate is to make the platform known
to a general audience so that its users are getting more and more widespread.
Each affiliate will get a link or referral code that will be accessed by prospective
customers. The affiliate will get a commission if they get new consumers using the link or
referral code.
In practice, the affiliate will invite potential customers by showing great profits to their
success in running binary options so that many people believe in them.
However, the affiliate only shows the advantages of using the Binomo application but
not the disadvantages or risks that will be borne by investors as users of the platform.
Based on the provisions of Article 9 paragraph (1) letter k of Law Number 8 of 1999
concerning Consumer Protection states that business actors are prohibited from offering,
promoting, or advertising a good and/or service incorrectly, and/or as if offering something
that contains uncertain promises.
Further regulated in Article 57 paragraph (2) letter d of Law Number 10 of 2011
concerning Amendments to Law Number 32 of 1997 concerning Commodity Futures
Trading which states that Each party is prohibited from directly, or indirectly influencing
other parties to transact Futures Contracts, Sharia Derivative Contracts, and/or other
Derivative Contracts by persuading or giving hope of profits beyond reasonableness.
However, the thing to note is that binary options trading is not legal to trade.
The Commodity Futures Trading Act does not include binary options as a commodity
so this regulation does not apply to them.
Likewise, Law Number 8 of 1999 concerning Consumer Protection cannot apply
anyway because customers of the Binomo platform are not consumers regulated in this law
and binary options are not something legal to trade.
Although Law Number 8 of 1999 concerning Consumer Protection cannot shelter
victims from Binomo, victims can apply for it in the criminal or civil realm.
In the civil realm, it requires victims to bring written evidence while the criminal realm
requires a minimum of 2 pieces of evidence accompanied by the title of the case so that it
can be known who the affiliate involved is.
These victims can also apply for restitution or compensation which are reported to the
Witness and Victim Protection Agency (LPSK).
The assets of binomo affiliates will be used as a substitute for the losses of the victims.
This is stated in Article 7A paragraph (1) of Law Number 31 of 2014 concerning
Amendments to Law Number 13 of 2006 concerning Witness and Victim Protection which
states that: Victims of criminal acts are entitled to restitution in the form of:
a. indemnity for loss of wealth or income;
b. compensation for losses incurred as a result of suffering directly related to a criminal
act; and/or
c. reimbursement of medical and/or psychological treatment costs.
Based on the article above, victims of binary options will get restitution for losses
incurred as a result of a criminal act.
In this case, binomo affiliates a medepleger (person who helps) criminal act of fraud.
As a result of his actions, the affiliate can be entangled with Article 378 of the Criminal
Code Jo Article 55 of the Criminal Code.
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Legal Protection of Online Investors on the Binomo App by Alert Task Force
Investment Financial Services Authority 213
The sanctions imposed on perpetrators based on this law are imprisonment for a
maximum of 4 years.
Because Binomo's affiliate uses electronic media, he is also subject to Article 28
paragraph (1) of Law Number 11 of 2008 concerning Information and Electronic
Transactions Jo Article 45A paragraph (1) of Law Number 19 of 2016 concerning
Amendments to Law Number 11 of 2008 concerning Electronic Information and
Transactions for fraudulent acts by making solicitation videos to others.
The Witness and Victim Protection Agency (LPSK) its authority can carry out
compensation assessments in providing restitution and compensation. This is stated in
Article 12 A of Law Number 31 of 2014 concerning Amendments to Law Number 13 of
2006 concerning Witness and Victim Protection.
These victims can report first to the Police so that they can then submit them to the
Witness and Victim Protection Agency (LPSK) for the return of restitution.
CONCLUSION
Based on the explanation above, it can be concluded that the legal protection of
investors by brokerage companies has not been sufficiently able to accommodate the
interests of investors.
Law Number 32 of 1997 only regulates the settlement of disputes and does not
mention further the form of legal protection efforts that must be carried out by Futures
Brokers.
Settlement of disputes between Investors and Futures Brokers is carried out by civil
settlements including settlements within the Futures Broker, settlements through futures
exchange institutions, and settlements through Bappebti.
Criminal settlements are carried out by Bappebti civil servant investigators or
through the Police and Criminal Justice Institutions.
And the Financial Services Authority has collaborated with ministries and related
institutions to reduce space in carrying out legal protection to investors as stated in the
Memorandum of Understanding contained in the Memorandum of Understanding of the
Financial Services Authority Number: PRJ-07 / D.01 / 2016.
BIBLIOGRAPHY
Adrian Sutedi, S. H. (2014). Aspek Hukum Otoritas Jasa Keuangan. RAS.
Asikin, Z. (2004). Amiruddin, Pengantar Metode Penelitian Hukum, Jakarta: PT.
Raja Grafindo Persada.
Marzuki, M. (2017). Penelitian Hukum: Edisi Revisi. Prenada Media.
Nota Kesepakatan itu tertuang pada Nota Kesepakatan Otoritas Jasa Keuangan
Nomor : PRJ-07/D.01/2016.
Soekanto, S. (2007). Penelitian hukum normatif: Suatu tinjauan singkat.
Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan.
© 2021 by the authors. Submitted for possible open access publication under the
terms and conditions of the Creative Commons Attribution (CC BY SA)
license (https://creativecommons.org/licenses/by-sa/4.0/).
