Binary options ‘ban’ is pure hysteria. The bandits will carry on as normal
Whilst members of the public and media firms championing their cause rejoice, the unfortunate reality is that the binary options fraudsters will not stop because of a feeble token ‘ban’. This is a far larger crime network than that.
This morning, the retail FX media airwaves and the inboxes of retail trading groups and forums are alive with elated jubilation.
Superlatives and exclamation is ringing out from those who have been victims of binary options fraud, and the champions of their cause which have been detailing the malintent of the criminal entities that have been perpetrating the theft of unsuspecting retail ‘investors’ globally for the past decade, whilst passing what the City of London Police has termed “the biggest internet scam ever” off under a clever disguise as genuine financial market participation.
The unfortunate reality is that, whilst the State of Israel, from which this odious racket emanates, has finally implemented its blanket ban on the operation of binary options firms in any capacity whatsoever, from marketing to software production, it is really a non-event and there is no doubt that this foul behavior will continue to prevail.
Whilst the intention of the government of the State of Israel was indeed honorable at senior level, Professor Shmuel Hauser, the Chairman of the Israel Securities Authority (ISA) having stated that he saw it as his personal responsibility to extinguish what he termed last year as “filth” that was destroying the business environment and reputation of the country that had until recently been regarded as blemish free, there is far too much corruption within the system to ever carry this out effectively.
It is absolutely not the case that the fraudulent binary options firms that operate their market making activities from within Israel, yet register them offshore or in Cyprus with a CySec license, are presiding over a simple internet fraud racket that has become highly profitable.
Quite the contrary. These villains who are doing considerable damage to the reputation of the genuine financial services and retail electronic trading industry globally due to the ‘death by association’ stance that many European countries such as Belgium have taken, in banning all OTC products and their marketing, are actually far from demure.
The owners of most of the brands and their market making software providers have their roots in the affiliate marketing, gaming and lead recycling/distribution businesses, all of which are some of Israel’s darkest back street businesses.
It was revealed earlier this year that binary options is linked to some of Israel’s massive organized crime bosses, thus its own leaders are simply orchestrators of a high profile fraudulent activity that is connected to a much wider and more powerful organized crime network that has infiltrated the government and is immune from retribution.
If this is to be considered correct, then Member of Knesset David Bitan’s reluctance to implement a ban on binary options, and his instrumental part in watering down the proposed ruling can be considered a product of exactly this level of corruption.
The ban, which was proposed in its current form in August this year, has been approved by a voting process in the Israeli Knesset, with voting members agreeing with the proceedings to ban binary options at 53-0, which has led to the hysterical jubilation that is currently pervading cyberspace.
Unfortunately, the ban is not worth the paper it is written on, nor is it worth the expense incurred by the Israeli taxpayers for its continued wrangling at Knesset Committee level.
Member of Knesset David Bitan was recently photographed by Israeli media at the Knesset with a SpotOption executive, SpotOption being the firm that holds over 80% of the market share of OTC binary options brands, and which is implicated by witnesses in the FBI’s case against Yukom/Binary Book CEO Lee Elbaz, who faces 30 years jail in the United States.
The calmness with which the usually very aggressive binary options fraudsters allowed their back street empire crumble before them was very out of character, given that over the past seven years, the Israeli market makers and brands involved in what the City of London Police has deemed “The largest internet scam they have ever seen” have generated literally billions in ill-gotten gains, often threatening anyone who crosses their path with violence.
The reason for the calmness is clear. Whilst the mainstream media across the globe created a level of public awareness that has now seen the end of the criminal heydey of these bandits, the regulatory authorities in their home territory’s lame attempts to put a stop to them globally were thwarted by the brown envelope.
Simply, the binary options business was sitting tight and waiting, before doing what the orchestrators of most scams do, reinvent itself as something else which appears to be a ‘too good to miss’ opportunity, and in this case appearing innovative so that it catches the attention of the young bloggers and ‘tech’ publications to propagate it as the next big thing.
Airware – sarcastic software industry terminology used in the late 1990s for a non-existent product – could be an appropriate label for the latest buzzword that is proliferating the internet, that being ICO.
FinanceFeeds has made its stance clear on this and stands by it firmly.
David Bitan’s interference in the implementation of he binary options ban has been angled very much toward this outcome, in that a token effort can be shown to the public that binary options is now history, but then to allow the binary options business to prevail its frauds under a different guise.
MK Bitan even visited Georgia last year with colleague Noa Boker, and subsequent to that, it was alleged by Israeli mainstream media that some of the binary options leaders had strong connections to the Georgian faction of the Israeli Likud political party.
During the final reading of all the changes in the law, in order to ensure that a majority of the committee members were present, the chairman of the coalition, MK David Bitan (Likud) suddenly appeared, accompanied by representatives of SpotOption, and asked if the law harmed the industry in Israel.
When senior members of a national government hate success, drum young entrepreneurs (and Israel is a powerhouse full of young genuine entrepreneurs) out of business until they move their operations abroad en masse and permanently emigrate, yet supports and integrates itself on a personal level with insidious crime bosses, that pretty much says it all really.