Exclusive: SpotOption Officially Stops All Binary Options Activity

In what can be classified as the end of an era, SpotOption, a leading provider of binary options platforms, has officially stopped all operations pertaining to the binary options industry. Effective January 18, 2018, the company no longer has any clients trading binary options, nor are there any outstanding positions still open. Moreover, SpotOption claims that none of its associated operations have been moved offshore in an attempt to circumvent regulatory confinements.

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In an exclusive statement to Finance Magnates, SpotOption CEO Pini Peter said: “We have taken the necessary steps to align with local regulations. We are an Israeli financial Technology Provider Technology Provider A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware providers because the majority of their products sold are tangible pieces of equipment that come fine-tuned with a related operating system. Marketplace – Sometimes coined as network or platform, marketplace tech providers connect buyers with sellers within the same industry. Extension of Offline Business – These tech providers seek to provide more convenience to users through the usability of the internet, a couple of examples include businesses involved in e-commerce or even your online banking app. Who Relies on Technology Providers?You can think of a tech provider as a business that fulfills the need for a technology component. The relationship isn’t as symbiotic as it may always appear but through the aid of a technology provider role, tech providers are better able to fulfill the needs of their customers, or in this case, components. Tech providers as well-known as indispensable entities within the B2B forex industry. This includes relationships with brokers that helps improve offerings for clients.There are also a wide range of tech providers who specialize in providing high-demand technological goods and services also reside within the B2C industry.Within this space there is more diversity while the demand to develop more consumer-friendly solutions is ever-present. A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware providers because the majority of their products sold are tangible pieces of equipment that come fine-tuned with a related operating system. Marketplace – Sometimes coined as network or platform, marketplace tech providers connect buyers with sellers within the same industry. Extension of Offline Business – These tech providers seek to provide more convenience to users through the usability of the internet, a couple of examples include businesses involved in e-commerce or even your online banking app. Who Relies on Technology Providers?You can think of a tech provider as a business that fulfills the need for a technology component. The relationship isn’t as symbiotic as it may always appear but through the aid of a technology provider role, tech providers are better able to fulfill the needs of their customers, or in this case, components. Tech providers as well-known as indispensable entities within the B2B forex industry. This includes relationships with brokers that helps improve offerings for clients.There are also a wide range of tech providers who specialize in providing high-demand technological goods and services also reside within the B2C industry.Within this space there is more diversity while the demand to develop more consumer-friendly solutions is ever-present. Read this Term, and as such we will always adhere to the requests of local regulations put in place by the Israel Securities Authority.” Mr. Peter also noted that despite various offers, the company declined to transfer or sell its operations to any alternative industry competitors.

As previously reported by Finance Magnates, SpotOption had already begun the process of shutting down binary options activity, shifting its focus toward other financial instruments, including CFDs and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term. The process of halting operations was done gradually, since it affects a vast network of traders around the world. SpotOption is currently exploring additional avenues to provide its clients with innovative financial trading platforms and instruments, and the company could undergo a rebranding to accommodate the end of its binary options activities.

SpotOption has been at the forefront of the binary options industry for a substantial period of time. As such, now that the sector has been dealt a tough blow to its previously raging trajectory, it is setting an example by fully complying with regulators’ requests to immediately halt operations from within Israel. In a previous statement given to Finance Magnates, Mr. Peter said: “Those who choose to stay in the binary options sphere can go to one of the many other platform providers outside of Israel.”