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.
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, 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. 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.”