Exclusive: Unregulated Firm UK Options Closing Shop

Binary options provider closes down, seemingly due to growing pressure from local regulator.

Regulatory pressure continues to affect Israeli binary options providers with yet another broker winding down. Finance Magnates has learned that UK Options, operating under an IP registered in Ireland, has stopped taking deposits, and all its employees were cut loose last week.

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Recently UK Options gained entry to a notorious list – the American Commodity Futures Trading Commission Red List – after allegedly targeting US citizens unlawfully. Contained within the list are foreign entities acting in capacities that require registration but that are not appropriately registered with the commission.

Last week the Israeli parliament’s State Control Committee held its first discussion about an initiative to ban local binary options providers marketing abroad. The ISA Chairman, Prof. Shmuel Hauser, revealed at the meeting that a draft for an Israeli ban on marketing binary options overseas is expected soon.

Recently the ISA has taken a more active approach against unauthorized online trading activities in Israel, after licensing six forex brokers on the one hand and banning binary options on the other. Last November it fined an unlicensed binary options provider for the first time. D.G.I Media had to pay 500,000 NIS (over $125,000) for operating a binary options brokerage against regulations and its owner and CEO is now banned from holding a similar position for two years.

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