Israel has banned binary options, Israel’s binary options ban is too little, too late for many Canadians
It now heads to parliament, where it is expected to be fast-tracked, giving it priority over other bills, an ISA spokeswoman said.
The draft law also prohibits any type of trading forum that sells to overseas clients - even if they do not offer binary options - without receiving a license from the country where clients reside. Breaking the law will be punishable by up to two years in prison and if money laundering is involved, punishment could reach 10 years in prison.
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- Simona Weinglass is an investigative reporter at The Times of Israel.
Israeli regulators have received many complaints regarding losses suffered by binary option traders in various countries, the statement said. Binary options involve placing a bet on whether the value of a financial asset - a currency, commodity or stock - will rise or fall in a fixed timeframe, sometimes as short as a minute.
Israel already banned the domestic sale of binary options last year, the first country to do so. A Reuters special report published in September shed light on the rapid rise of the industry in Israel.
London-based lawyers said hundreds of their clients were duped out of vast sums of money by some Israeli firms. More than operators are estimated to be based in Israel, a technology hub.
Investors have accused some of these Israeli companies of transferring money between accounts without approval and in some cases of preventing them from withdrawing their own funds. Reporting by Tova Cohen, editing by Louise Heavens.