Just recently after the anyoption news, now the leading binary options brokerage 24Option Israel Call Center closes. What’s going on with binary options Israeli call centers?
3 March, AtoZForex – Just last month after the Cypriot regulator CySEC released the new Circular about Binary Options reform, it has created pressure on binary options brokers. We saw last month that one of the largest binary options brokers, anyoption is closing down its Israel call center. This followed after Banc de Binary already shut down its operation in January. Just within a couple of weeks after anyoption news, one more leading binary options broker 24Option Israel call center closes.
24Option Israel Call Center closes
The CySEC’s new circular targeted the Binary Options brokers with operations in non-EU countries. According to the circular, the regulated brokers need to operate their sales and marketing department either from their head office or from the EU member countries. So in order to comply with the CySeC requirement, 24Option has announced to possibly shut down its Israeli call center. They are planning to move their call center operation to another country. The firm has made an announcement to its Israeli employees that the call center is scheduled to close in May. As per online sources, the estimate is that more than 150 employees may lose their job in this operation.
We learned that ISA has banned the binary options providers from offering their products to Israelis, but they were still allowed to offer them offshore. On talking to ISA spokesperson, they said that they were drafting a legislation to take action against such trading platforms. They exclusively provided us with the official translation of Memorandum of Law. This new law will prohibit such platforms from offering their offshore clients to trade in binary options. A possible ban of marketing overseas would put a stop to the Israel-based call centers.
What's next for 24Option?
24Option is one of the leading binary options providers in the industry. Rodeler Ltd. operates 24Option. The firm recently took steps to expand its offering with CFDs and Forex on the MetaTrader4 platform. With these steps, 24Option includes non-binary options and allows its traders to diversify further. Moreover, it is authorized as a Cyprus Investment Firm (CIF) by the Cyprus Securities and Exchange Commission (CySEC) to provide investment services mainly in Europe. In addition to www.24option.com, the firm also operates online via www.24fx.com, www.quickoption.com, and www.grandoption.com. The Cypriot regulator has also applied pressure on binary options brokers, but instead of pushing them away like Israel, the CySEC is encouraging them to bring call centers and their many jobs onshore.
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