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Isreal and binary options shut down

Israel-linked investment pros plead with gov’t to shut down binary options,Preview Mode

Web29/11/ · As one former retention agent at a large, Cyprus-regulated binary options firm in Ramat Gan told The Times of Israel last week, “85 percent of our customers lose Web01/06/ · Horrified by vast ongoing scam, leaders of legit financial community urge Israeli authorities to act 'before it's too late' Web24/10/ · “When we vote for this law we know that we’re doing something good.” The new law forbids Israeli companies from marketing binary options and gives them three Web20/04/ · The U.S. Securities and Exchange Commission charged the Israeli-based binary options trading company Spot Option with deceiving U.S. investors out of more Web02/03/ · At Knesset session, supporters of widely fraudulent industry that fleeces victims worldwide say bill to ban it would put 80, Israelis out of work. Unfa ... read more

The main problem, said Roey, is the fees the companies charge. Many will tell customers, for instance, that they charge 0. Roey said that Israeli forex companies often encouraged their customers to do short-term trades, taking positions that last a day or a week.

According to Roey, Israelis did not invent retail forex. But around they began to market it very aggressively to clients in Israel and abroad. They think it all makes sense, but they discover after a few months that their money has disappeared. But it is very rare that a private individual would have any legitimate use for foreign currency futures, he said — perhaps in a case where a person pays rent in dollars but earns money in shekels. They use this excuse to market it to the other I met a woman who was proud that people in Darfur were trading forex with her.

Some customers put their last money on this in the hope of getting out of poverty. Unlike retail forex, said Roey, binary options may have been an Israeli invention, at least in the way it is offered by online trading platforms here. There is nothing special about currencies. You can gamble on anything. So some companies started selling futures on oil and gold with the same x leverage — which just shows you how little it has to do with hedging or risk management.

Roey said the forex companies had encountered two problems. It caused a lot of complaints. By contrast, binary options, he said, was a simplified, easier-to-understand version of what was essentially the same scheme.

Second, to make more money and save on labor costs, forex companies were eager to push customers toward shorter trading cycles. With forex, people could take positions that lasted a week or a month. With time they would get addicted and start to take positions of two days. But binary options was faster. Roey said he first started seeing binary options in Israel around Why was this important? But on April 24, , Wilf received a letter from the banking supervisor at the Bank of Israel, Dudu Zaken.

However, we do not think this activity should be [reclassified as gambling]. On Sunday, April 3, a spokeswoman for the Israel Securities Authority said that it was moving to prohibit Israeli online trading companies from offering binary options to customers in Israel. Its basis is problematic. The ISA is also promising tighter regulation of other financial instruments, like retail forex and CFDs. Worse still, the prohibition and the promised tighter regulation do not apply to non-Israeli customers — who are the overwhelming majority of the scam victims.

As of this writing, an estimated 5,, employees of forex and binary options companies continue to ply their wares to customers abroad, with either no regulation or much-criticized regulation by countries like Cyprus. Wilf believes the Knesset and ISA failed to outlaw forex in because they did not fully understand the problem, and that they still have not internalized the crime even as it has metastasized and deepened in the years since.

In , when he was alerting the public to the extent of fraud in the forex and binary options industry, he sent letters to 30 Knesset members from every party. A casino hands you your winnings immediately. In addition, Marom said, most forex and binary options companies engage in fraudulent practices like rigging the trades, so that your odds of winning any particular bet are 45 percent or 30 percent as opposed to As a result, whereas an Israeli bank has profits of 10 percent, Marom said, binary options companies often have profits of 90 percent.

Jenna P. I would get hundreds of emails: Europeans, Asians and Africans. The required transparency, however, would require Knesset legislation or a more rigorous approach from the regulators that addresses the milking of overseas victims. Read: Times of Israel Editorial. Binary options: An Israeli scam that has to be stopped.

I joined The Times of Israel after many years covering US and Israeli politics for Hebrew news outlets. I believe responsible coverage of Israeli politicians means presenting a degree view of their words and deeds — not only conveying what occurs, but also what that means in the broader context of Israeli society and the region. I believe Israel is stronger and more democratic when professional journalists do that tough job well. Your support for our work by joining The Times of Israel Community helps ensure we can continue to do so.

So now we have a request. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community. Schoenfeld adds that if Israel does not shut down the fraudulent forex and binary options industries soon, there could be other unforeseen consequences.

Schoenfeld also questions the seeming lack of motivation of Israeli politicians and law enforcement to shut down the fraudulent binary options and forex industries. What for? For the sake of a few wealthy businessmen who are making a killing in an unethical way?

Shortly after The Times of Israel published its first article on the binary options industry, Matthew Salter, a former portfolio manager for the Bank of Israel, contacted this news site to offer the perspective of CFA charterholders in Israel, whom he represents.

Salter heads the Israel Society of Investment Professionals , a group of 50 investment professionals who have obtained the prestigious Chartered Financial Analyst CFA certification, a rigorous international credential for investment advisers with a strong ethical component.

Everything you do has to be for the benefit of the investor — ethics, regulation, where you put the investment. When this fraud makes headlines, it tarnishes the whole industry. As for Schoenfeld, he is hopeful the Israeli government and law enforcement will wake up to the massive binary options and forex fraud and shut it down before it explodes into an international crisis.

Schoenfeld says he is baffled by the fact that the Foreign Ministry has been trying assiduously to build ties with Gulf States and Saudi Arabia, yet the government allows thousands of Israeli Jews and Arabs to be employed ripping off people in those countries. Is it going to take a much bigger scandal or highly-publicized losses by individuals in countries friendly to Israel?

For example, where the prime minister of Canada or the president of France puts it on the agenda in a meeting with the Israeli prime minister?

Or will Bank of Israel Governor Karnit Flug be taken by surprise at an IMF meeting when the Governor of the Bank of Canada puts this on the agenda? These worst case scenarios may seem far-fetched, says Schoenfeld, but they are well within the realm of possibilities. The Canadians are getting angry, the French are too, and there are lawsuits beginning to be organized.

We invite others who have worked in the industry, or who have been defrauded by it, to contact us. You can do so by email to: office timesofisrael. I joined The Times of Israel after many years covering US and Israeli politics for Hebrew news outlets. I believe responsible coverage of Israeli politicians means presenting a degree view of their words and deeds — not only conveying what occurs, but also what that means in the broader context of Israeli society and the region.

I believe Israel is stronger and more democratic when professional journalists do that tough job well. Your support for our work by joining The Times of Israel Community helps ensure we can continue to do so. So now we have a request. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.

Illustrative: People watch a board showing price fluctuations at the Tel Aviv stock exchange. Get The Times of Israel's Daily Edition by email and never miss our top stories. Newsletter email address Get it By signing up, you agree to the terms.

The legislation has been signed off by Finance Minister Moshe Kahlon and is to be brought to the Ministerial Committee for Legislation in early March to start its progress through the Knesset. These Israeli companies will simply move to Western and Eastern Europe and hire Europeans to work in their call centers instead of Israelis. A second speaker, who identified himself as Yanir Melech, the owner of Abir Security Services a company that provides private investigation, polygraph and other security services , argued that shutting down the binary options industry could lead to terrorism and the collapse of the real estate industry and possibly the entire economy.

Melech argued that if the entire binary options industry were banned, as it would be under the legislation, it could cause Israeli Arabs to turn to terrorism. Melech said that in his estimate, there are 20, people employed in binary options in Israel, and 60, people indirectly.

Well, you can just say goodbye to that because most skyscrapers in Tel Aviv will be empty. There will be no one to fill them up. The fact that this industry became so gigantic is not a reason not to shut it down, but a reason to shut it down faster. Melech also argued that new immigrants fleeing anti-Semitism in their countries of origin would have no jobs if binary options was shut down.

Did they come here to inflame anti-Semitism? Is that what they came to Israel for? The draft legislation was finalized last week, a year after The Times of Israel began exposing the widespread fraudulent practices of the binary options industry. Last August, Hauser promised he would take the necessary steps to thwart the fraudsters. Israel banned binary options firms from targeting Israelis in spring The current proposed law bans all binary options trading, period, and thus aims to put a complete halt to the blight of Israeli binary options firms duping victims all over the world into parting with their money.

It also targets unregulated forex and CFD companies operating from Israel, requiring them to obtain a specific license to operate in any country where they have customers. Many such companies operating from Israel also engage in fraudulent practices. These firms lure their victims into making what they are duped into believing will be profitable short-term investments, but in the overwhelming majority of cases the clients wind up losing all or almost all of their funds.

The draft law has several hurdles to pass before becoming law. The first stage is the Ministerial Committee for Legislation, the committee that decides which bills to bring before the Knesset.

It will then go to another Knesset committee, probably the Finance Committee but possibly the Economic Affairs Committee or the Constitution, Law and Justice Committee, where there will be further debate and deliberation prior to a vote. Then the proposed law would go to the Knesset plenary for a first reading, then back to the committee for tweaks, and then back to the Knesset plenary for a second and third vote. Two government officials at the February 28 Knesset hearing told The Times of Israel that because the proposed law is sponsored by the Justice Ministry — not an everyday occurrence — it has a high probability of passing these hurdles.

However, a lawyer familiar with the legislative process said that at each stage there may be delays. The chairwoman of the State Control Committee, Karin Elharar Yesh Atid , vowed Tuesday to push for the speedy passage of the legislation and said it would have the support of the opposition. MK Merav Ben-Ari Kulanu who is also a member of the State Control Committee, told the Knesset committee that because it is a government draft law as opposed to a private bill, its chances of passing are high.

But all this may not be enough, said the lawyer. Speaking at the session, David Horovitz, editor of The Times of Israel, praised Hauser for the legislative initiative and expressed hope that it would not be derailed by lobbyists like the ones who spoke at the meeting.

He also said he was glad to see two police representatives at the session; the Israel Police was absent from the previous January 2 Knesset binary options hearing.

Nevertheless, Horovitz warned, while the draft law awaits passage, binary options fraud continues to claim victims with little to no police intervention. We first reported this a year ago, and you did nothing, and that was eight years too late. Biton did say that now that the police have had their eyes opened, they are actively investigating binary options.

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Why hasn’t Israel shut down binary options scam? A former MK describes how she tried,TOI ORIGINAL VIDEO

Web20/04/ · The U.S. Securities and Exchange Commission charged the Israeli-based binary options trading company Spot Option with deceiving U.S. investors out of more Web24/10/ · “When we vote for this law we know that we’re doing something good.” The new law forbids Israeli companies from marketing binary options and gives them three WebHe further added that traders should make sure that a canary options company should be regulated by a governmental body for it to be trustable. A small Caribbean island, Saint Web01/06/ · Horrified by vast ongoing scam, leaders of legit financial community urge Israeli authorities to act 'before it's too late' Web29/11/ · As one former retention agent at a large, Cyprus-regulated binary options firm in Ramat Gan told The Times of Israel last week, “85 percent of our customers lose Web02/03/ · At Knesset session, supporters of widely fraudulent industry that fleeces victims worldwide say bill to ban it would put 80, Israelis out of work. Unfa ... read more

He also said he was glad to see two police representatives at the session; the Israel Police was absent from the previous January 2 Knesset binary options hearing. It will then go to another Knesset committee, probably the Finance Committee but possibly the Economic Affairs Committee or the Constitution, Law and Justice Committee, where there will be further debate and deliberation prior to a vote. Sign in or Register. December 14, by John Rubino. David Zaken, then supervisor of banks, at a Knesset Finance Committee meeting, June 25, Flash Put another way, why has Israel turned a continued blind eye to the fleecing by Israeli con artists of would-be investors around the world? So now we have a request.

Biton did say that isreal and binary options shut down that the police have had their eyes opened, they are actively investigating binary options. Condemnation pours in after woman seriously hurt by Jerusalem ultra-Orthodox rioters. George Theocharides Gregor Horvat James Picerno Dr. Money Laundering ExplainedThe act of laundering is committed in circumstances in which an individual or entity is engaged in an arrangement that involves the proceeds of crime. Legal Disclaimer: onestopbrokers. On nearby Tuval Street, a worker at De La Paix bakery described a similar scenario.

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