Israeli Binary Options Brokerage owner arrested for Binary Fraud 

Israeli authorities informed the public how a 38-year old man from Tel Aviv has been arrested after a customer from abroad filed a complaint about losing over $500,000. The man is arrested for alleged fraud and Extortion, but his identity remains unknown to the general public due to the local law.

Israeli Police Department informed the local media how the 38-year old man is an owner of a binary options exchange company. He will be brought to court today under accusations of serious fraud, threats, extortion and using false documentation. Unfortunately, this is just another case of binary options scams that originates from Israel.

According to the Israeli police, the man was arrested yesterday, after a long investigation that took months. The undercover investigation took several months and started after a client who is not Israeli resident filed a complaint about losing over half a million of dollars. The identity of the woman who filed a complaint remains unknown as well. The name of the brand operated by the arrested man also remains secret.

2016 was an important year in the binary industry as many countries declared war to binary options brokers. Some countries, like France, started with an advertising ban. On the other hand, Israeli Knesset decided to ban offering binary trading services to Israeli citizens. There are no regulated brokers in Israel that could provide traders with such services. Also, Israel didn’t do much on preventing binary scam companies operating from their territory to offer their services to clients abroad.

Now it seems that Israeli authorities are becoming more serious, as they tend to ask payment providers to cut off services that are offering binary products. Payment service providers can be declared partners in crime in case they don’t follow these objectives.

Many experts and industry insiders consider this approach to be somewhat counter-effective as traders have no access to regulated binary brokers, so they have to deposit with scam brokers. Despite that, Israeli authorities are still holding onto their politics and have no plans of letting it go.

Source: Chronicle Day

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