Israeli Government Approves New Binary Options Law
by
Dan Magen
The new law still needs to be approved by parliament.
A major milestone has been reached today, with the approval of an amendment to the securities law by a ministerial legislative committee of the Israeli government. The amendment will ban the marketing of binary options to foreign citizens by Israeli providers.
If the new law is passed, binary options providers will be prohibited from doing business with foreign citizens. It states that the marketing of this product will fall under money laundering legislation “in light of the fraudulent nature that might accompany this industry.”
It still remains for the new law to pass its first, second and third reading in the Israeli parliament. Binary options operations within Israel were banned by the Israeli Securities Authority (ISA) about a year ago, as the regulatory body’s stance on the matter equates this type of Online Trading to gambling.
The governmental bodies that have been working on the proposition are the Ministry of Finance, the government’s legal advisor, the ISA, and the consultation and legislation department in the Ministry of Law.
Up until now, binary options firms dealing with clients living outside of Israel have been able to operate legally, without requiring any sort of authorization or Regulation. Recently the ISA, among other local authorities, received numerous complaints regarding the financial losses of clients from countries around the world who have traded with Israeli companies. A large number of these companies were offering binary options trading.
The ISA Head, Prof, Shmuel Hauser commented: “On top of the severe financial damage binary options providers cause to foreign citizens, they are continue to damage Israel’s international image and instigating anti-Semitism towards Jewish people in general and Israelis in particular. The new law will allow the ISA to act against those factors which on-board foreign citizens in an unprecedented manner which includes the imposing of civil and criminal sanctions and even imprisonment.”
The moves against the Israeli binary options industry have taken their toll on both brokers and technology providers over the past year. The last six months alone saw the complete closure of Banc De Binary, the closure of the local call centers of 24Options and Anyoption, and dozens of unregulated binary option providers shutting down their businesses.
A major milestone has been reached today, with the approval of an amendment to the securities law by a ministerial legislative committee of the Israeli government. The amendment will ban the marketing of binary options to foreign citizens by Israeli providers.
If the new law is passed, binary options providers will be prohibited from doing business with foreign citizens. It states that the marketing of this product will fall under money laundering legislation “in light of the fraudulent nature that might accompany this industry.”
It still remains for the new law to pass its first, second and third reading in the Israeli parliament. Binary options operations within Israel were banned by the Israeli Securities Authority (ISA) about a year ago, as the regulatory body’s stance on the matter equates this type of Online Trading to gambling.
The governmental bodies that have been working on the proposition are the Ministry of Finance, the government’s legal advisor, the ISA, and the consultation and legislation department in the Ministry of Law.
Up until now, binary options firms dealing with clients living outside of Israel have been able to operate legally, without requiring any sort of authorization or Regulation. Recently the ISA, among other local authorities, received numerous complaints regarding the financial losses of clients from countries around the world who have traded with Israeli companies. A large number of these companies were offering binary options trading.
The ISA Head, Prof, Shmuel Hauser commented: “On top of the severe financial damage binary options providers cause to foreign citizens, they are continue to damage Israel’s international image and instigating anti-Semitism towards Jewish people in general and Israelis in particular. The new law will allow the ISA to act against those factors which on-board foreign citizens in an unprecedented manner which includes the imposing of civil and criminal sanctions and even imprisonment.”
The moves against the Israeli binary options industry have taken their toll on both brokers and technology providers over the past year. The last six months alone saw the complete closure of Banc De Binary, the closure of the local call centers of 24Options and Anyoption, and dozens of unregulated binary option providers shutting down their businesses.
US Operator of Binary Option Brands Fined $516K for $10M Scam
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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