Binary options are similar to forex and vanilla options, and will not be banned worldwide. There is no possible chance of binary options to be shut down forever. Some countries have started to get more serious on this topic, implementing reforms and adopting laws that will regulate the industry, but it does not necessarily mean that the activity will be stopped.
First of all, binary options are an economic activity similar to any other type of trading. There is no specific characteristic that makes it more profitable or easy to master. Every type of trading requires thorough studying and a lot of practice. Furthermore, binary options are an important segment of the trading industry, which earns large sums of money worldwide. It is a major economic phenomenon, and it would be disadvantageous for countries to ban binary options, because they would lose a lot of income that is earned by the trader.
It is because of scammers and fraudulent brokers that the industry has to suffer. Just like any other field, there are shady people who abuse the influence and reputation of binary options to profit off naïve people who are not informed of potential dangers. In my opinion, countries must promote laws that make the selection process of certified brokers more difficult. In this way, fewer brokers will pass the test, but will be able to maintain high standards of activity.
Another thing that countries may do is inform potential clients about the risks and dangers of getting involved in trading with a fraudulent broker. People will learn more and will become more cautious, being able to tell a fake broker from an authentic one. Last but not least, there should be fines for brokers that misconduct, or even permanent bans and legal claims against representatives of fraudulent brokers.
In conclusion, binary options will continue to exist without risking permanent ban. I believe that the system that regulates the industry will get stricter, but this is for the sake of everyone involved in trading.