Exclusive: SpotOption Cuts Staff in Israel, Shifts Focus Abroad
- SpotOption is restructuring its business as incoming action from the Knesset reshapes the industry in Israel.
Israeli company SpotOption, which is one of the leading providers in the binary options space and recently started diversifying into CFDs and 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, 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.
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 Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 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.
Israeli company SpotOption, which is one of the leading providers in the binary options space and recently started diversifying into CFDs and 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, 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.
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 Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 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.