ISA Head Warns: Online Brokers that Fleece the Public Will Pay Dearly

Israel’s top regulator is again attacking the binary options industry after already having driven much of it away from the country. In a speech calling for a moratorium on new regulations, acknowledging that they all but suffocated listing on the Tel Aviv Stock Exchange, the Israeli Securities Authority (ISA) Chairman Prof. Shmuel Hauser made an exception for binary options.

Speaking about online trading, Prof. Hauser said: “During the passing year we have begun the active supervision of trading arenas, commonly called forex websites. 21 arenas filled a request for a license and only six reach the finishing line and received a license from us after they were found to follow our rules.

Additionally, we have completely banned the arenas from offering binary options to the Israeli public. The world is debating what to do with this field, is it legitimate or not. We have no doubts. Binary options are similar to gambling, and with the harm caused to investors in this field with huge leverage we are not willing to accept.

We are also not willing to accept the wrongful and ugly phenomena of aggressively marketing these toxic products to the public. The testimonies that get to us are simply horrifying. Hard working people, that saved money all their lives so they can grow old with dignity, fall into the trap of greedy charlatans sucking their lifeblood. They take from them everything they have, and even what they don’t have, and leave them penniless. I say it here as clear as possible – let anyone that deals in the trading arenas field and acting in wrong and illegal ways to cheat, extort and fleece the public know he will pay dearly for it.”

(Photo: ISA)

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