Israel bans Binary Options firms from selling overseas.

There is hope on the horizon for those of us who are constantly called up by phone-touts pretending to be financial experts and pushing Binary Options - as they have had the legislative rug pulled out from under them.

Israel's Securities Authoriy (ISA) has drawn up a law banning "any type of trading forum that sells to overseas clients - even if they do not offer binary options - without receiving a license from the country where clients reside." Note that Israel already banned the domestic sale of binary options last year, the first country to do so.

The ISA consider that "Beyond the severe economic harm to citizens around the world, marketers of binary options are increasingly causing reputational damage and inflaming anti-Semitism towards Jews and Israelis" and I've got to say that after personally receiving over 100 calls ... they are not far wrong.

Breaking the law will be punishable by up to two years in prison and if money laundering is involved, punishment could reach 10 years in prison.

The bill now heads to parliament, where it is expected to be fast-tracked, giving it priority over other bills, an ISA spokeswoman said.

The owner of an Israeli binary options firm was arrested on suspicion of fraud and extortion last month after an investor abroad reported losses of more than $500,000 to the online company, the first arrest since authorities announced a crackdown.

Source : Reuters News Service