ISA Head Warns: Online Brokers that Fleece the Public Will Pay Dearly
- The head of the Israeli regulator had some very harsh words for "toxic" binary options providers.
Israel's top regulator is again attacking the binary options industry after already having driven much of it away from the country. In a speech calling for a moratorium on new regulations, acknowledging that they all but suffocated listing on the Tel Aviv Stock Exchange, the Israeli Securities Authority (ISA) Chairman Prof. Shmuel Hauser made an exception for binary options.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong.
Speaking about Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, Prof. Hauser said: "During the passing year we have begun the active supervision of trading arenas, commonly called 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 websites. 21 arenas filled a request for a license and only six reach the finishing line and received a license from us after they were found to follow our rules.
Prof. Shmuel Hauser, Chairman, ISA (Photo: ISA)
Additionally, we have completely banned the arenas from offering binary options to the Israeli public. The world is debating what to do with this field, is it legitimate or not. We have no doubts. Binary options are similar to gambling, and with the harm caused to investors in this field with huge leverage we are not willing to accept.
We are also not willing to accept the wrongful and ugly phenomena of aggressively marketing these toxic products to the public. The testimonies that get to us are simply horrifying. Hard working people, that saved money all their lives so they can grow old with dignity, fall into the trap of greedy charlatans sucking their lifeblood. They take from them everything they have, and even what they don’t have, and leave them penniless. I say it here as clear as possible – let anyone that deals in the trading arenas field and acting in wrong and illegal ways to cheat, extort and fleece the public know he will pay dearly for it.”
Israel's top regulator is again attacking the binary options industry after already having driven much of it away from the country. In a speech calling for a moratorium on new regulations, acknowledging that they all but suffocated listing on the Tel Aviv Stock Exchange, the Israeli Securities Authority (ISA) Chairman Prof. Shmuel Hauser made an exception for binary options.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong.
Speaking about Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, Prof. Hauser said: "During the passing year we have begun the active supervision of trading arenas, commonly called 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 websites. 21 arenas filled a request for a license and only six reach the finishing line and received a license from us after they were found to follow our rules.
Prof. Shmuel Hauser, Chairman, ISA (Photo: ISA)
Additionally, we have completely banned the arenas from offering binary options to the Israeli public. The world is debating what to do with this field, is it legitimate or not. We have no doubts. Binary options are similar to gambling, and with the harm caused to investors in this field with huge leverage we are not willing to accept.
We are also not willing to accept the wrongful and ugly phenomena of aggressively marketing these toxic products to the public. The testimonies that get to us are simply horrifying. Hard working people, that saved money all their lives so they can grow old with dignity, fall into the trap of greedy charlatans sucking their lifeblood. They take from them everything they have, and even what they don’t have, and leave them penniless. I say it here as clear as possible – let anyone that deals in the trading arenas field and acting in wrong and illegal ways to cheat, extort and fleece the public know he will pay dearly for it.”