Israeli company SpotOption, which is one of the leading providers in the binary options space and recently started diversifying into CFDs and forex, is restructuring its operations. Finance Magnates can confirm that the company is making substantial cuts to its Israeli operations and is shifting its focus on other locations.
SpotOption’s Hong Kong, Singapore, and London branches will be playing a bigger role in the future, with operational needs for the company in the Far East growing. According to the company, the highest potential for growth is in regulated jurisdictions.
The move comes after the Israeli Knesset recently announced a heavy crackdown on binary options and forex operators targeting foreign jurisdictions.
What Lies Ahead for a British Fintech Industry Outside the EUGo to article >>
Focusing on Regulated Jurisdictions
SpotOption’s headquarters in Israel will continue operations with the majority of staff dedicated to R&D. A number of employees have been laid off to optimize the company’s costs.
The company is reporting that its London and Hong Kong offices are successfully developing and it is optimistic about its Singapore branch, which is focused on the South-East Asian market.
Commenting to Finance Magnates, the CEO of SpotOption, David Ripstein, said: ”SpotOption has always encouraged regulation for brokers, as this is the best way to mature the industry and ensure sustainability. Strengthening our services in the jurisdictions where regulation is embraced is the natural next step in our globalization advancements.”
“Unfortunately this strategic decision comes with the loss of some of our great talents that are located at headquarters, which is not a small consequence. Each and every SpotOption employee has contributed to the global success of the company, and their efforts are not taken for granted. We trust our R&D activities at headquarters will ensure continuous progress in empowering brokerages, as well as other growth engines securing the process abroad,” the firm’s CEO concluded.