On October 23, Israeli Knesset has passed the legislation for Binary Options Ban. Three months later, Israeli Binary Options Ban Law takes effect today.
23 January, AtoZForex – According to the latest court filing from Israel, the Highest Court has rejected an appeal that has been made against the new Israeli Binary Options ban law. In fact, the prohibiting Israeli Binary Options law passing process has been going on for quite some months already. Following the last official announcement, Israel’s Binary Options law has been scheduled to be put into effect today.
Israeli Binary Options Ban Law takes effect today
Back in December 2017, Yossi Herzog has filed an appeal against the Binary Options law. He is a controlling shareholder in Binary Options group Yukom Communications Ltd. Mr. Herzog along with Yukom have administered numerous Binary Options brands. These include BinaryBook.com and BigOption.com.
Mr. Herzog’s official appeal has been based on claims that the proposed law was too strict. The Israeli authorities plan to ban all Binary Options activity, starting from offering Binary trades to clients and finishing with providing technology and services to the Binary Options brokerages. Moreover, the government proposed to punish the illegal activities with jail term up to two years.
Multiple online sources quote Mr. Herzog saying:
“I hope that the Supreme Court in Israel will stop the witch hunt for the exporters of services and technology that operate legally from Israel. These have supported thousands of families over the years, and have put billions of Shekels in taxes into the coffers of the state. The wild witch hunt being carried out by the Israel Securities Authority, which I and others are experiencing, does not distinguish between “weeds” and those who operate according to the law, which in turn gives a tailwind to criminal and extortionist elements.
This incitement has recently reached an extreme point when it led to the arrest in the US of Ms. Lee Elbaz, the former CEO of Yukom. This arrest was a direct link to public pressure. It is a prize for criminal elements who falsified materials, stole information, and extorted undisturbed in creating a file against Ms. Elbaz. In this case, the requested information has been transferred to the relevant authorities. I believe in the integrity of the Israeli court, which will protect my basic rights and will halt this dance of demons.”
Israel’s Government response to Appeal
The Israeli Supreme Court has taken Mr. Herzog’s appeal quite seriously. The court has requested a response from the government for the appeal.
The governmental reaction has arrived on January 17, while the Supreme Court has issued a ruling this Sunday, thus rejecting the appeal. Following the rejection, Israeli Binary Options Ban Law takes effect today. The government statement reads (translated from Hebrew):
“After reviewing the request for an interim order, the Respondents’ responses to the request and the reply on behalf of the Petitioners, I do not believe that the conditions for granting an interim order under the circumstances have been met. Therefore, the request is denied. (Signed, Justice Daphne Barak-Erez).”
Following the rejection of Mr. Herzog’s appeal, Binary Options industry can expect the Israeli Binary Options Ban Law that was passed by the Knesset back in October 2017, to be put into effect today.
Think we missed something? Let us know in the comments section below.