6/17/ · Israel already banned the domestic sale of binary options last year, the first country to do so. The owner of an Israeli binary options firm was arrested on suspicion of fraud and extortion last Estimated Reading Time: 2 mins 5/24/ · A Facebook ad for an Israel-based binary options firm posted April 19, (Screenshot) The Knesset on Monday unanimously passed a law to ban Israel’s binary options industry, a 10/21/ · In fact, imposing of a ban on advertising of binaries abroad would mean shutting down the call centers of the major binary options brokers in Israel, which solicit clients worldwide. Actually, most Israeli-based brokers have moved out of the country after the ISA’s prohibition on local binary options trading and established units elsewhere, but retained their call centers. Lately binary options trading
Israel seeks to ban sale of binary options overseas with law amendment - Business - blogger.com
The Knesset passed a law Monday unanimously that effectively wipes out the controversial Israel-based binary options industry that has defrauded millions of people, most of them foreign clients. The law passed despite heavy pressure exerted by the companies themselves, israel ban binary options, whose lobbyists tried to present their work as a part of the broader high-tech sector in Israel, rather than a cover for fraud and exploitation of innocent customersas the Israeli Securities Authority had argued in pushing the Knesset to take action.
The new law forbids Israeli companies from marketing binary options and gives them three months to shut down their work. All 53 Knesset members present voted in favor of the law which makes working in the industry punishable by up to two years in prison. Binary options are basically bets marketed to customers as potentially profitable short-term investments on the performance of a specific commodity, currency or share at a given time. Through price manipulations, refusal to pay and other scams, firms trading in binary options conned the vast majority of customers out of most of their money.
Much of the global binary options industry was based in Israel, which was damaging the reputation of the country and its securities industry. Its critics argued the field was even worse than gambling — which is illegal in Israel — because it presented what they were doing as a financial investment that deceived customers into thinking they were involved in a legitimate activity, israel ban binary options. To act against Israeli companies that were allegedly fleecing foreign customers, the securities authority needed its enforcement powers expanded.
It drafted the bill and persuaded the government to back it, and got the tax authority on board as well, so that the bill could define marketing binary israel ban binary options as a source offense under money laundering laws.
This legislation follows an earlier law that banned the marketing of binary options to Israelis that went into effect a year-and-a-half ago. But the Israeli Securities Authority was not satisfied with just protecting Israeli clients, especially since the authority was being flooded with complaints from foreign law enforcement agencies about the damage being done by Israeli companies in the field.
At its height, the industry was generating revenues of billions of dollars annually. The huge sums of money also attracted organized crime elements, police said. Officials say that numerous Israeli-owned binary options firms have already begun moving to countries where the activity has not yet been banned. Uri Tomer Oct. Get email notification for articles from Uri Tomer Follow.
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Binary Options Scam
, time: 9:58Israel cabinet approves ban on sale of binary options | Reuters
3/22/ · A letter provided to “Globes” shows the agency believes the unregulated market is akin to gambling. Nearly five months after “Globes” revealed the Israel Securities Authority (ISA) - led by Prof. Shmuel Hauser - planned to introduce significant restrictions on the dealing of binary options on trading platforms, sources inform "Globes" that the ISA has decided to completely halt binary 10/21/ · In fact, imposing of a ban on advertising of binaries abroad would mean shutting down the call centers of the major binary options brokers in Israel, which solicit clients worldwide. Actually, most Israeli-based brokers have moved out of the country after the ISA’s prohibition on local binary options trading and established units elsewhere, but retained their call centers. Lately binary options trading 1/23/ · The ISA banned the industry in Israel in March , which led binary options companies to concentrate on selling abroad. The final nail in the coffin was the October decision to ban Author: Simon Golstein
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