Op-Ed: Proponents of the widely fraudulent industry are quietly trying to thwart law-enforcement’s long-overdue move to close it down

On one side are Israel’s overworked and under-resourced law enforcement authorities, now belatedly seeking to grapple with the worst plague of corruption ever to blight modern Israel. On the other are those who seek to deepen criminality’s hold on the Jewish state.

Ten years after the first binary options company began operating in Israel, a year after The Times of Israel began relentlessly exposing the widely fraudulent industry, and a year, too, after the Israel Securities Authority (ISA) barred the firms from fleecing Israelis, the finance minister has signed off on draft legislation that would ban the entire industry, period. Ban it from operating anywhere in Israel. Ban it from targeting customers anywhere in the world.

It took the ISA a long time to internalize the scale of the industry — estimated to bring in between $5 billion and $10 billion per year — and the gravity of the damage. (The $10 billion figure would represent a staggering 10%-plus of annual Israeli exports.) Thousands of Israelis have been going to work each day for the past decade, at call centers in Tel Aviv, Herzliya, Ramat Gan, Caesarea and beyond, to dupe victims all over the world out of their money. Ostensibly advising clients on lucrative short-term investments made via sophisticated trading platforms, the fraudulent salespeople in fact employ a variety of ruses — including lying about their identities, location and expertise, manipulating market figures, and flat out refusing to let customers withdraw their funds — to ensure that almost all of their clients lose all or almost all of their money.

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