After 18 months of hearings and investigations, the prosecutor in Israel has decided to close the case against one of the founders of the once-popular binary options trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, 24option.

24option's Founder Will Not Go to Jail

As reported yesterday (Sunday) by Times of Israel, the investigation carried out by the Israeli police was conducted parallel to separate investigations conducted by the German enforcement authorities. The scrutiny in Germany is still ongoing, but so far, none of the suspects have been charged.

Israeli police raided the house of Roey Hayun, the Founder of 24options, almost two years ago, seizing his assets estimated to be in millions of dollars. These included luxury cars, jewellery, cash, and his apartment. According to the Times of Israel, the funds have since been released as a result of the discontinuation of the case.

The investigation was initiated in 2021 due to suspicions that Hayun could have been responsible for laundering $65 million dollars derived from the illegal activities of 24option.com's platform.

"After a pretrial hearing in front of the director of the state prosecutor's cyberunit, Haim Wismonsky, and after negotiations over the past several months, it has been decided to close the case against you," Amit Levin, the state prosecutor, wrote in a letter sent to the suspect's lawyers at the end of April.

What Happened to 24option?

24option was a popular brand in the binary options market, which has been banned in the European Union for several years. In 2017, Finance Magnates reported that the company left Israel and moved to another country due to the state's crackdown on the binary options industry.

Binary options are highly speculative derivative instruments where the client would bet with the broker whether the price of a given asset would rise (call option) or fall (put option), often within very short time intervals, lasting only 30 seconds or a minute.

In the meantime, the company began offering its clients trading on Contracts for Difference (CFD) and the MetaTrader 4 platform, responding to increasing pressure from regulators. However, the activities of 24option began to stir controversy in subsequent countries; the broker was banned in France; it was also added to the warning list in New Zealand; then it was banned in Italy; and ultimately it lost its CySEC license in 2021, which allowed it to provide retail trading Retail Trading In finance, retail trading refers to individual traders, trading through a broker, or on a platform. This can include novice traders and experienced traders. Trading and investing are divided into two categories, retail and institutional. Institutions include investment banks like JP Morgan or Citibank and global central banks like the US Federal Reserve and the European Central Bank. When we talk about retail trading however, we usually are referring to forex trading, but there are retail trade In finance, retail trading refers to individual traders, trading through a broker, or on a platform. This can include novice traders and experienced traders. Trading and investing are divided into two categories, retail and institutional. Institutions include investment banks like JP Morgan or Citibank and global central banks like the US Federal Reserve and the European Central Bank. When we talk about retail trading however, we usually are referring to forex trading, but there are retail trade Read this Term services in Europe.

Currently, the broker's website is unresponsive, and all indications are that the brand has completely disappeared from the market. Similarly, the prosecutor's accusations against Hayun have faded away.