Breaking: Israeli Binary Options Technology Providers Won't Be Allowed to Operate Systems
- The latest draft of the legislation banning binary options marketing severely limits the business of platform providers.
The latest draft of the legislation banning Israeli binary options marketing has just been unanimously approved by the Knesset Reforms Committee, making it almost certain to be accepted into law as is. The approved version of the ban will require Israel-based binary options technology providers to either completely change their business model or cease operations in the country.
The London Summit 2017 is coming, get involved!
According to the latest changes, the definition of managing an international binary options brokerage (which will be outlawed) is expanded to cover many of the functions that the technology providers currently offer their clients. These include operating the computer systems of the brokerage, the pricing and Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term of the binary options, clearing of client funds, operating marketing or service centers whether on the phone (call centers) or online, all whether directly or through a service provider.
Finance Magnates was at the Knesset Reforms Committee today and observed the discussion.
The Israel Securities Authority (ISA) said: "Our position is that binary options are like gambling. This is the position and therefore there should be no exceptions or changes. We don't want this to be managed from Israel. Developing and selling software is OK. In practice there is no separation between the technology companies and the brokers."
The Israeli police commented: "We are taking steps with Google, Apple, Facebook and the credit card companies. This started with players transferring from online gambling to binary options. The problem is that the technology companies merge into the brokers, they sell the software, the clearing, everything. You can literally pick up the phone and change the outcome of the trade."
The Justice Department said: "The way we see it, software companies that develop the trading platforms are actually a partner of the brokers. Whoever supplies a platform for fraudulent companies is an accomplice to their crimes. Whoever is committing an offence which is partly done in Israel, is committing an offence. Gambling is very similar. This is why the ban is nothing new for Israeli law. The mere sale of a product that has elements of fraud is an offence."
Binary Options - In, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFD - Out
It important to note that the international marketing ban will only target binary options trading and not forex or CFD trading. Assuming it doesn't change by the final approval, this will force technology providers to refocus on non-binary options-related technologies if they wish to remain in Israel.
The proposed ban has already apparently forced technology providers to change their business practices in fear of it. SpotOption refocused on CFDs and cut staff in Israel, while TechFinancials (LON:TECH) recently confirmed that it is downsizing in Israel.
The latest draft of the legislation banning Israeli binary options marketing has just been unanimously approved by the Knesset Reforms Committee, making it almost certain to be accepted into law as is. The approved version of the ban will require Israel-based binary options technology providers to either completely change their business model or cease operations in the country.
The London Summit 2017 is coming, get involved!
According to the latest changes, the definition of managing an international binary options brokerage (which will be outlawed) is expanded to cover many of the functions that the technology providers currently offer their clients. These include operating the computer systems of the brokerage, the pricing and Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term of the binary options, clearing of client funds, operating marketing or service centers whether on the phone (call centers) or online, all whether directly or through a service provider.
Finance Magnates was at the Knesset Reforms Committee today and observed the discussion.
The Israel Securities Authority (ISA) said: "Our position is that binary options are like gambling. This is the position and therefore there should be no exceptions or changes. We don't want this to be managed from Israel. Developing and selling software is OK. In practice there is no separation between the technology companies and the brokers."
The Israeli police commented: "We are taking steps with Google, Apple, Facebook and the credit card companies. This started with players transferring from online gambling to binary options. The problem is that the technology companies merge into the brokers, they sell the software, the clearing, everything. You can literally pick up the phone and change the outcome of the trade."
The Justice Department said: "The way we see it, software companies that develop the trading platforms are actually a partner of the brokers. Whoever supplies a platform for fraudulent companies is an accomplice to their crimes. Whoever is committing an offence which is partly done in Israel, is committing an offence. Gambling is very similar. This is why the ban is nothing new for Israeli law. The mere sale of a product that has elements of fraud is an offence."
Binary Options - In, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFD - Out
It important to note that the international marketing ban will only target binary options trading and not forex or CFD trading. Assuming it doesn't change by the final approval, this will force technology providers to refocus on non-binary options-related technologies if they wish to remain in Israel.
The proposed ban has already apparently forced technology providers to change their business practices in fear of it. SpotOption refocused on CFDs and cut staff in Israel, while TechFinancials (LON:TECH) recently confirmed that it is downsizing in Israel.