Israeli parliament members have convened a meeting on Monday, January 2nd to request that the State Comptroller report on the authorities’ handling of binary options. According to local media reports, lawmakers are intent on pushing the Israeli Securities Authority (ISA) to explain what can be done to stop the marketing of binary options abroad.
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The ISA already banned all binary options trading for Israeli citizens in early 2016 under some local media pressure and described the instruments as illegal gambling instead of financial trading. The regulators also did not need the parliament to push them to ban the marketing of binary options abroad because the ISA head already expressed his wish to completely prevent the operations of international firms in Israel.
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Just two weeks ago we reported that the head of the Israeli regulator had some very harsh words for what he called “toxic” binary options providers. The industry too has already begun to prepare for this situation by downsizing Israeli staff and closing offices in the country. Prior to this change in the legal environment, research showed that the binary options industry with all its subdivisions contributes an estimated $1.25 billion to the Israeli economy.
Finance Magnets will be at the parliamentary meeting on Monday to report on the possible ramifications for binary options technology developers and marketing services providers.