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Israel to ban binary options marketing abroad

Oct 21 2016
By
Forexbrokerz.com

Even after binary options have been outlawed in Israel, it continues to be an international center of binaries marketing and software development of trading platforms. What is more, Israel-based binary options brokers keep their businesses going by soliciting clients outside the country and ruining Israel’s reputation.

That is why the Israel Securities Authority (ISA) intends to ban the advertising of binary options abroad. According to a report of the local TV channel 10 News, ISA’s Chairperson, Shmuel Hauser, announced ISA will request amendments in the applicable law, which will prohibit the marketing of this controversial OTC product outside Israel.

This is not the first time Mr. Hauser argues against binaries brokers. Earlier in August the ISA’s head said that binary options brokers are far more cynical than gambling, because they present themselves as legitimate financial firms, while lying about their whereabouts, rigging their trading platforms and engaging in theft.

Mr. Hauser has also complained the Israel Securities Authority has received a number of requests to investigate cases of online financial fraud this year (mainly regarding binary options) from foreign financial regulators with which it has IOSCO agreements. Most of these authorities are European regulators and in fact, they are pressing ISA to take action against binary options brokers.

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 has been receiving a lot of media and government-level attention. Belgium banned the distribution of OTC binaries in mid-August, France, Netherlands and Germany have also announced they are taking steps towards prohibiting advertising of binary options and some types of CFDs to local residents.

Earlier this month Russia also announced plans to adopt regulatory rules with regard to binary options by the end of 2017.

Meanwhile, in the US binaries are legally available solely on US exchanges (NADEX and Cantor). In neighboring Canada, on the other hand, binary options are not forbidden, but no brokers are authorized to offer them.

 

TAGS: israel  isa  binary options  binary options israel 
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