Israeli government unveils draft law to ban binary options

If implemented, the legislation would shut down all binary option companies that operate from within Israel’s borders and jail those who breach the ban.

The proposed law, which was drafted by the Israel Securities Authority, the Justice Ministry and the attorney general, was published by the Finance Ministry on Wednesday. It highlights the ongoing fraud perpetrated by the Israeli firms, and the consequent damage to Israel’s international image and the reputation of its capital markets.

The draft legislation comes almost a year after The Times of Israel began exposing the widespread fraudulent practices of the binary options industry. Last August, the ISA’s chairman, Shmuel Hauser, promised The Times of Israel to take the necessary steps to thwart the fraudsters. That same month, Jewish Agency chief Natan Sharansky urged the government to close down the “repugnant, immoral” industry. And in October, the office of Prime Minister Benjamin Netanyahu, alerted to the fraud by The Times of Israel, called for a worldwide ban on the “unscrupulous” industry.

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