BREAKING NEWS

Israeli regulator seeks more power to crack down on binary option firms

By REUTERS

OCTOBER 27, 2016 14:37

Israel's securities regulator wants to expand his authority so he can ban the sale of binary options overseas by online trading firms based in Israel, a business that is drawing international criticism over allegations of illicit practices.

The Israel Securities Authority in March became the world's first regulator to prohibit the risky transactions from being offered domestically. Now its chairman, Shmuel Hauser, has asked the attorney general to consider amending the law to give him power to target groups marketing them abroad as well.

A Reuters special report published last month shed light on the extent of the industry and accusations by London-based lawyers who say hundreds of their clients were duped out of vast sums of money by some Israeli firms.

"The Israel Securities Authority is working vigorously with other enforcement agencies to deal with this issue," the ISA said in a statement.

"Hauser is very disturbed by this ugly phenomenon that hurts innocent people and unfortunately fuels a negative image of Israelis and Jews."

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