Banc de Binary, one of the first binary options firms to be established in Israel, has reportedly shut down its Israeli call center and renounced its Cypriot license.

The firm has been forced in the past by US courts to pay millions of dollars for illegally soliciting customers there. It was also fined last year by its Cyprus regulator and has been cited for illegal activity by regulators in Australia, New Zealand and Canada.

On January 9, CySEC announced that Banc de Binary, which is regulated in Cyprus and has offices in Israel, had voluntarily renounced its Cyprus registration, which allowed it to legally solicit European customers through the web site eu. The Australian Securities and Investment Commission has listed the banks where Banc de Binary keeps their money as Piraeus Bank Cyprus Limited, West East Bank, Credit Suisse, Wirecard Bank AG and TBI BANK EAD.

Others were more skeptical.

Posts on social media speculated about what this meant for the future of the binary options industry in Israel. The Banc de Binary Tower in Ramat Gan in CC BY-SA BDBJack, Wikipedia. I know how most people feel about Binary Options as being scam; etc etc. Ramat Gan is a town adjacent to Tel Aviv which hosts dozens of binary options firms.

Other online commenters, presumably employed in binary options, lamented the closure as the beginning of the end of the binary options industry in Israel.

But, hey, great job, you shut down binary options.

Some sources with knowledge of the binary options industry told The Times of Israel they did not believe Banc de Binary was shutting down for good, but perhaps rebranding. One woman had heard the company was relocating its call center to Romania while keeping other functions in Israel. You have to call our legal department.

Banc de Binary first appeared online in about In the same year, a man by the name of Oren Shabat registered the Israeli firm E. The company, which later changed its name to E. John Berry, a senior lawyer for the US Securities and Exchange Commission, said in a May interview with BBC radio that not only had Banc de Binary sold ostensible financial products to investors without being licensed to do so, but it had also deceived those investors as well.

Oren Shabat Laurent, founder and CEO of Banc de Binary Youtube screenshot. Regulators in Australia, New Zealand and Forex factory news forex trading have issued warnings against Banc de Binary for illegal activity. Another brand that appears to be associated with Banc de Binary, Option. The company has faced an onslaught of how to earn lunch money on meetme scrutiny in the last year, including articles in The Times of Israel as well as the British Daily Mail and Sunday Times newspapers.

These firms lure their stock option calculator spreadsheet templates into making what they are duped into believing will be profitable short-term investments, but in the overwhelming majority of cases the clients wind up losing all or almost all of their money. Thousands of Israelis work in the field, which is estimated to have fleeced billions of dollars from victims all over the forex broker san diego in the past decade.

The committee chair, MK Karine Elharar Yesh Atid demanded that the police begin enforcement activity against fraudulent options sell covered call options firms in the next entry and exit points day trading and that the Israel Securities Authority urgently advance legislation to shut down banc de binary options broker youtube entire industry.

A follow-up hearing will take place in February. Despite these developments, the possible closure of Banc de Binary was a voluntary step taken in response to pressure from CySEC and the media, not a response to Israeli law enforcement, which has so far taken scant enforcement action against the industry.

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By Simona Weinglass January 11,6: A screenshot from a promotional video for Banc de Binary, since removed from the internet Youtube. Simona Weinglass Simona Weinglass is an investigative reporter at The Times of Israel.

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