It is electronic trading platforms. On Sunday, the government will approve the “Binary Options” Act, which prohibits the activity of brokers of BW and equates it with money laundering.
Israel’s finance minister, Moshe Kahlon, will present at a government meeting on Sunday (June 18, 2017) a bill banning the activities of trading platforms (brokers) offering binary options to foreigners. Thus, Israel will adopt the Law on Binary Options and stop importing this service.
Recall that about a year ago the Israeli financial regulator, the ISA Securities Commission, banned providers of binary options trading to offer services to Israeli citizens. The regulator equates this activity in character to gambling, and from the data and other considerations decided to ban it. Meanwhile, the current legislation does not restrict local electronic trading platforms (brokers) to import their services abroad, and the activities of the latter are not controlled.
Thus, recently, numerous complaints have been received from various countries in various regulatory instances. Foreign clients of Israeli brokers of binary options complain of loss of cash and losses. This phenomenon was rapidly gaining momentum and caused significant damage to the international image of the country.
In this regard, the ISA Commission and the Ministry of Finance decided to draft a bill that will be submitted to the government in a few days, and expand the powers of the regulator until a total ban on the activity of electronic trading platforms (brokers of binary options) in Israel. Moreover, it is proposed to equate this activity with a prohibited scheme for money laundering, as, according to the authors of the Draft Law, some criminal structures can use the activities of this sector to their advantage.
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