Binary Options In Israel, The New Law Outlaws It But

For those hoping that Israel had come to terms with its "demons" will remain let down yet again. The new law does not prevent the scammers from continuing with their deceit, they have simply changed their disguise.

The new law in Israel has been passed, but the modifications introduced to the original bill render it less effective compared to the expectations of the eve before.

A crime network has developed around binary options in Israel, it could have been fought against only with a law that was transparent and tough. The concern is that the fraudsters that have until now done business by means of binary options will have no problems in circumventing a weak law.

Israel is the home of the software on which the whole Forex world is based. The playful developments in what was purely a military symbol, has finished with giving life to a programme that is of easy access and eye catching graphics.

The contract between dishonest businesses and their victims does not only happen through trading on online platforms, call centres of Israeli Forex businesses too represent a grave threat to investors because they give a voice to many fraudsters.

The recruitment takes part in every part of the world, brokers tempted by generous commissions.

Probably the farud and the fraudsters are driven by the same motivating force an easy way to earn money, but in all this honesty does not exist. The brokers are instructed to pretend to be that which they are not.

They pass themselves off as economic experts, lying about the place where they are calling from, as a result of Israel's bad reputation, it is more profitable to say you are calling from a city connected with business (London, New York...) they are creating millionaires' incomes and pressuring potential victims until they are worn down.

The initial bill

The bill as it was first conceived, would have put a halt to binary options. Binary options would have been banned completely and similar products would have ceased to be marketable. Moreover, the producers of the software would have been under investigation, for providing the "weapons "for the fraudsters.

The original text drawn up by the Israeli Securities Authority together with the Justice Ministry and the prosecutor general's office, could have banned Forex and CFD (Contracts for Difference) in Israel, and could have prevented other businesses from offering their services to clients abroad without a license.

Parliament's drafts in February 2017...