Who engaged in binary options

Who engaged in binary options

Author: Tatka Date: 03.07.2017

At least 15 of the firms newly cited by the US Commodity Futures Trading Commission — and possibly as many as 30 — operate from Israel. There are now firms, most engaged in binary options and forex activity, on the red list. Last June, when there were only 40 companies on the list, The Times of Israel reported that more than one-third of these were Israeli.

Despite widespread media exposure in the last year, and calls from foreign governments to shut the industry down, most Israel-based fraudulent binary options and forex firms continue to operate with impunity, although legislation intended to ban all binary options firms operating from Israel has begun progressing through the Knesset.

In other words, these entities are breaking US law and it is unlikely that they act in accordance with regulations intended to protect US consumers.

Most of the new additions to the red list are binary options and forex companies targeting retail investors. Because such companies go to considerable lengths to hide the true identities of their owners — often using nominee directors as fronts — it is not an easy task to determine whether they operate from Israel.

Nevertheless, The Times of Israel has seen documents showing that the following 15 companies, which are among the 71 companies newly added to the list, have a significant presence in Israel. These are 10markets, OmegaOptions, Oracle Stone, FXGM, Glenridge Capital, iforex, InsideOption, GTOption, VisionBinary, Weathika, Wynn Finance, Cherry Trade, 33option, Finpari and Utrader. The Times of Israel has also seen evidence that is not conclusive that an additional 15 companies also operate from Israel, for a possible total of 30 out of The beneficial owner of GTOption is Anastasiia Chipysheva from Tollerton, UK, but the company that operates the platform is Wise Group Media in Holon, Israel, owned by Nir Dotan and Hanan Assis.

The owner of Vision Binary is Uri Katz, while Cherry Trade is operated by New Place Media in Tel Aviv. Until recently New Place Media was owned by Benjamin Spiro, who sold the company to David Cartu. Benjamin Spiro, former owner of New Place Media, which ran the Cherry Trade binary options website, recently sold his company to David Cartu Facebook screenshot. As The Times of Israel has documented in an ongoing series of articles for the past year, a large proportion of binary options fraud and some forex fraud as well emanates from call centers in Israel.

The industry, which employs thousands of Israelis, has been operating for 10 years in Israel with little to no intervention on the part of Israeli law enforcement. Fraudulent firms use a variety of ruses to trick clients all over the world, who believe they are making potentially lucrative short-term investments, into parting with their funds. Almost all customers lose all or almost all of their money.

who engaged in binary options

The law would also give the Israel Securities Authority considerable leeway to shut down fraudulent forex companies as well. Well-placed sources believe the law to ban binary options in Israel is likely to pass, although not without robust opposition from lobbyists. Over the past few months, many Israeli binary options companies have been moving all or part of their operations to places like Bulgaria, Ukraine and Georgia in anticipation of the new law.

Israeli job boards feature numerous ads seeking binary options salespeople willing to relocate abroad.

15 Israel-based companies added to US financial watchdog's 'red list' | The Times of Israel

It also detailed the various fraudulent practices that these firms engage in. These include BeeOptions, BinaryBook, BTGOption, IvoryOptions, LBinary, NRGBinary, OptionsXO, TitanTrade, UKOptions, Tradequicker, BigOption, Bloombex Options, IHOpoptions and YesOption. Some binary options companies in Israel, even unregulated ones, refrain from soliciting US customers for fear of US enforcement actions.

Numerous binary options employees and ex-employees interviewed by The Times of Israel have related that their companies cheat customers in Canada, France, England and Australia, but steer clear of Americans and Israelis.

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In July , a United States Federal Court ordered two Israel-based binary options websites, Vault Options, Ltd. The court found that the two firms had defrauded at least 50 U. Global Trader was founded by Daniel Patley of Modiin, Israel, together with Dov Adest, of Zichron Yaakov. Patley told The Times of Israel that he sold his shares in the firm in March , and therefore was not a shareholder in the relevant period.

who engaged in binary options

According to documents seen by the Times of Israel, the shares were registered in his name until August Israel banned all Israeli binary firms from targeting Israelis in spring , and it is possible that Israeli media indifference to the fraudulent industry stems from the fact that it is foreigners, rather than Israelis, who are the principal victims of the Israeli scammers.

One Israeli individual who has followed the story with great interest is Matthew Salter, president of the Israel Society of Investment Professionals, which represents legitimate investment professionals in Israel. They are, as the CFTC says, mostly companies trading in binary options or forex.

Which, as they are soliciting for money from the retail customer, essentially makes them gambling companies. Which is how we like to view them — as it separates what they are doing from what the investment industry does.

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