Israel bans binary options industry, finally closing vast, 10-year fraud

(Worthy News) – The Knesset on Monday unanimously passed a law to ban Israel’s binary options industry, a vast, multibillion dollar scam that has defrauded millions of victims worldwide for a decade.

The law, which will go into effect three months from now, came about as a direct result of The Times of Israel’s investigative reporting on the fraud, which began with a March 2016 article entitled “The wolves of Tel Aviv: Israel’s vast, amoral binary options scam exposed.” The law gives all binary options firms the intervening three months to cease operations. After that, anyone involved in binary options is punishable with up to two years in jail.

Fifty-three Knesset members voted for the law and none voted against it. [ Source: Times of Israel (Read More…) ]