In their response to the complaint, Oren Shabat and the local Israeli company Global App Technologies Ltd. asserted that the investor had signed an agreement acknowledging that he understood the risks involved in trading binary options. The defendants also claimed that the investor had signed a document giving up his claim to some of his money. The amount was his pension, which he lost in its entirety.

In addition, two alleged victims of the binary options website TitanTrade filed lawsuits against MIG GA Marketing Finance Ltd. which has since changed its name to Gtech Media Development Ltd , a company registered in Israel at 13 Tuval Street in Ramat Gan whose director is Guy Galboiz. Her lawyers, Nir Friedman and Yossy Haezrachy, claimed that MIG GA Marketing Finance Ltd. employed skilled salespeople who represented themselves as working for TitanTrade. MIG GA Marketing Finance Ltd.

countered that there was a lack of privity between the plaintiff and defendants since MIG GA Marketing Finance Ltd. is an Israeli company that merely provides services to foreign companies and is not the company that transacted with the plaintiff. The lawsuits were withdrawn before they reached the evidentiary stage.

The Times of Israel has been told that the plaintiffs requested to withdraw the lawsuits and also stated that they had no cause for action against Gtech. The plaintiffs did so because as the proceedings were commencing, the plaintiffs received all their money back from TitanTrade, even though TitanTrade was not the defendant. The man claims to have been defrauded by BinaryOptions. com and that Paperclick Marketing ran the website.

A Canadian man is suing another Israeli company, IGMD Ltd. His lawyers are Adam Ashkenazi and Raouf Najar and the man claims he was defrauded by the binary options website OptionBit. Earlier this month, a Tel Aviv District Court ruled against Haim Toledano and his company Toyga Media Ltd. The judge agreed with the bank. Until we get all the proper documents proving the source of the money and that he paid taxes on it, we cannot accept the money.

In an email dated December 13, , Lottem suggested that the bank had scrutinized the activity of other forex companies as well. Although many independent binary options brokers could be found during the height of its popularity, there was always a close relationship between forex trading and binary options because both services centered around the foreign exchange market.

During this time period, forex trading was loosely regulated, meaning it was also very easy for one to establish a binary options trading firm. As a result, binary options brokers began to quickly pop up alongside forex brokerages. By , there were hundreds of binary options brokers spread across the globe. In fact, the growth of binary options trading was so large that by , one could find a variety of binary options brokers occupying booths at many of the FX and affiliate conferences held around the world.

In the last couple of years especially, the party has come to an end for the binary options industry. In our view, the single biggest blow to binary options trading came from in the form of The European Securities and Markets Authority, known more commonly as ESMA.

Due to the massive number of complaints and overall negative reputation of binary options brokerages, ESMA decided to prohibit the marketing, distribution and sale of binary options services through the European Union. A spokesman for the FSMA told the Times of Israel that the decision, unprecedented in Europe, to bar overseas binary options firms from approaching its 11 million citizens, came about after the Belgian regulator received a growing number of complaints from Belgians regarding binary options and forex companies.

In , it received complaints, in the number increased to and in the first half of it received complaints. So far, Belgians who have come forward have lost approximately 6 million euros to binary options and forex fraud, the spokesman said, while stressing this figure is probably the tip of the iceberg.

In neighboring France, where the population is six times as large, police have said losses to French citizens from binary options and forex scams exceed 4 billion euros.

France recently announced it plans to ban all electronic advertising, including online, television and radio, of binary options and forex products. It has not yet taken the step of banning them entirely. This regulation will help combat such offers. Asked how the Belgian government plans to enforce the ban, in light of the fact that the US government banned non-exchange binary options several years ago and yet many companies continue to solicit American citizens, the FSMA spokesman said the regulator would employ administrative sanctions, and cited a case last week where the FSMA reached a settlement with Cyprus-regulated investment firm Rodeler Limited, which owns the brand 24Option.

Rodeler offered to settle with the FSMA for the amount of euro , for offering binary options, CFDs and forex unlawfully to Belgian citizens. In addition, Rodeler is required to make contact with all of its Belgian customers to offer them the possibility to terminate their contracts and be reimbursed their current account balance.

Owned by Israelis, Rodeler calls clients from its call center in Israel under the company name Betamedia. While the FSMA did not wish to speak on the record about the Israeli connection to binary options and forex fraud at this stage, Shmuel Hauser, Chairman of the Israel Securities Authority, told The Times of Israel in an interview last week that the ISA has been approached by the Belgian regulatory authorities in the past year about binary options firms operating from Israeli territory.

There are more than brands operating from Israel, employing thousands of Israelis, defrauding customers out of an estimated billions of dollars per year. While local binary options firms have now been banned by the Israel Securities Authority from targeting Israelis, they are still free to target people abroad. In the past year, the FSMA has issued warnings about other binary options companies that operate from Israel, including CentralOption, PWRTrade, Tradesolid, and RBoptions.

We also refer victims to Cysec and the financial ombudsman in Cyprus. I joined The Times of Israel after many years covering US and Israeli politics for Hebrew news outlets.

Sep 19, Binary options trading. As you probably know, ESMA has temporarily banned the marketing and sales of binary options in the European Union. Does it mean that you, as a retail trader , are not allowed to get involved with smart options, or, in other words, can I trade binary options in Europe?

Yes, you can, here is why and how. The language used by regulators can be technical, especially for the people whose mother tongue is not English, but it is clear: EU retail traders are not forbidden to trade binary options. Concretely, it means that if you are a retail trader, you can legally trade binary options using the services of a platform based outside of the EU, what is commonly referred to as offshore brokers.

Furthermore, reports show that even CYSEC regulated brokers found workarounds, such as asking anybody based in the EU to tick a box stating they are a professional trader to let them register. In that case they can be accepted. Of course it is quite hard to define who is a professional or a retail trader. Choosing your binary options broker is even more difficult now, as the CYSEC license guarantee, despite its flaws, do not even exist anymore.

The solution seems obvious, you have to choose a platform that guarantees funds security and fairness by design, and until now only one provide this, Spectre click on the following link to read our Spectre. ai review. Hopefully the ESMA ban will be lifted, leading the European securities and markets authority to work on a genuine solution aiming at really protecting European consumers while punishing the rogue actors perpetrating binary options scams.

Learn more. Can I trade binary options in Europe? ESMA binary options ban in the EU: banning the companies, not the traders The language used by regulators can be technical, especially for the people whose mother tongue is not English, but it is clear: EU retail traders are not forbidden to trade binary options. READ Spectre. ai mobile app: now available. Search for:. Trade binary options without fraud!

Spectre is the first brokerless binary options platform that allows you to trade without deposit, that let you withdraw anytime, or even get directly your payout in your ETH wallet.

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Thank you, Tal Schneider, Political Correspondent. If the dollar, say, goes down by one percent, even for a fraction of a second, the trader can lose all their money. READ Spectre. The second option in order to trade binary options in Europe is to trade with an off-shore broker. This regulation will help combat such offers. The FSMA is not banning all forex and CFD trading but rather the kind with leverage, such as contracts for difference CFDs and rolling spot forex contracts.

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