#compliance-deposit

My binary options platform wants a 'compliance deposit' to release funds, is this a scam?

Hey everyone, I'm in a bit of a bind and feeling super stressed out. I've been dabbling in binary options for a few months now, mostly because I saw some ads on social media promising quick returns. Things were going okay, I even saw some 'profits' building up on their platform. The specific one I'm using is called 'ProfitPulse' – yeah, I know, should've been a red flag. Anyway, I tried to withdraw about 7,000 USD last week, which isn't a fortune but it's a good chunk for me right now. They've been stalling for days, and now they're saying I need to pay a 'regulatory compliance deposit' of 1,500 USD to 'prove I'm a legitimate trader' before they can process the withdrawal. They sent me some official-looking PDF about international finance regulations. This sounds incredibly dodgy, but I'm desperate to get my money out. Has anyone experienced this? Is this a standard thing for binary options or am I totally being scammed here? I'm in Port Elizabeth and feeling pretty hopeless right now.