From the Liveblog of
Sunday, June 18, 2017
Cabinet ministers vote to ban binary options
The cabinet votes to ban Israel’s multi-billion dollar widely fraudulent binary options industry.
The law will shut down all binary option companies that operate from within Israel’s borders, and give the Israel Securities Authority the power to prosecute and jail those who breach the ban.
The bill was presented by Finance Minister Moshe Kahlon directly to the cabinet as opposed to going through the Ministerial Committee for Legislation, where it had stalled.
A spokeswoman for the Israel Securities Authority told The Times of Israel last night it should be fast-tracked through the Knesset to be voted into law.
The legislation was put to ministers more than a year after The Times of Israel began exposing the widespread fraudulent practices of the binary options industry.
In a statement, the Attorney General’s Office praised the cabinet for cracking down on the “criminal phenomenon” in Israel.
The Times of Israel Community.