After international criticism over the binary options business, Israel’s cabinet passed a law approving its ban on Sunday giving the anti-Semitism war a disadvantage. Moshe Kahlon, the Finance Minister, sponsored and submitted the proposed amendment. It was drawn up by several government offices and Israel Security Authority (ISA). Anti-Semitism within and outside the country had increased from the rise of binary options. Even affiliates, as MoneyOnlineThai or ForexFraud.com sites, slowly begin to remove binary option brokers
The Approval at a glance
Avichai Mandelblit, the Attorney General, directed the law enforcement to minimize the binary options’ footprints prior to the bill being passed as a law. According to an ISA spokeswoman, it will be prioritized over other bills once in parliament.
Any form of trading forum selling to an overseas client will require him/her to receive a license from his/her residing country despite it not being of binary option in nature. This is an anti-Semitism move that fails to protect the integrity of the Jews and Israelis locally and globally creating distrust between them and others.
Law breakers will receive up to 2 years in prison or 10 years in the case where there is money laundering.
ISA Chair’s statement, Shmuel Hauser, said that binary options had brought economic harm and increased reputational damage to Jews and Israelis. Israelis regulators had received complaints from traders in different countries. According to the Chair, marketing of binary options has resulted to growth, accelerated and inflamed anti-Semitism on Jews and Israelis.
Participants in the binary options place a bet on the value of a financial asset predicting whether its value will rise or fall within a limited period.
Israel’s First Arrest
Israel was first country in banning domestic binary options trade. After announcing a crackdown, the authorities made their first arrest last month on a firm’s owner over fraud and extortion suspicions after an investor abroad reported losses of over $500,000 on his firm. This move discredits Jews and Israelis making them appear as thieves.
A September’s special report by Reuters shed light to the rapid rise of the industry. Lawyers in London said many of their clients were swindled off huge amounts of money by some Israeli firms. Over 100 operators are said to be based in Israel which is a technology hub.
The war against anti-Semitism is still on as Israeli companies face accusations from investors for unapproved transfer of money between accounts and preventing them from withdrawing their funds.