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The Israeli cabinet on Sunday approved a bill to ban the entire binary options industry, a multi-billion dollar, widely fraudulent, Israel-based enterprise, whose activities have been exposed in a series of articles by The Times of Israel since March 2016.The bill was immediately also approved by the Ministerial Committee on Legislation, and will now go to the Knesset plenary for a first reading.
"As part of our commitment, we are continuing our actions against binary options that cause damage to Israel's image in the world. After we saw that other countries are not outlawing binary options, Israel is taking responsibility in order to prevent the defrauding of innocent people," Groner said on Sunday.
Unveiled at a session of the State Control Committee on February 28, the bill to ban the industry languished for several months amid rumors that lobbyists for binary options brokers were working to block its passage at the Ministerial Committee for Legislation.
The draft legislation was approved by ministers more than a year after The Times of Israel began exposing the widespread fraudulent practices of the binary options industry.
The proposed law greenlighted on Sunday 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.
The Israeli binary options industry, which has flourished for a decade with almost no intervention by Israeli law enforcement, has been estimated to bring in between $5 billion and $10 billion a year, to number well over 100 companies, and to employ between 5,000 and many tens of thousands of employees.
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Israel just banned the sale of binary options – an industry that has brought in $10 Billion a year for the past ten years through conning millions of people around the world. The new bill came when legislators were worried that the scam was hurting Israel's image – it was already illegal to sell to Israelis. Some consider the bill too little, too late... binary options fraud (103) Israel Securities Authority (42) binary options victims (27) Lee Elbaz (26) September 8, 2020, 12:54 am ‘Why so little?’ victim asks, as SEC settles $5m. Israel ... Israel’s business daily, TheMarker assessed that binary options companies in Israel employ 15,000 people. Globally, the term forex normally refers to legitimate trade in foreign currency, while binary options is the name of a financial instrument. In June 2017, the government of Israel approved a draft bill to amend the Securities Law that is intended to tip the scales in the battle being waged in the financial trading sector over binary options. Kai Petersen. The binary options schemes were operated by fraudulent boiler rooms in Germany and Israel. The largest boiler room was operated from Israel by a Five Stones Monopoly Marketing Ltd (now Silverpop Media Ltd).At their height, these boiler rooms collectively employed as many as 200 people.
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