Belgium is the first European country to outlaw the offering of binary options to its citizens, and only the third country in the world to do so, after the United States which permits binary options trading only on domestic, regulated exchanges and Israel. The ban became law on August 8 and will go into effect on August In reality, however, these are products that are marketed aggressively and are extremely risky, often involving transactions over a very short period and without any connection to the real economy.

A spokesman for the FSMA told The Times of Israel that all binary options firms, including those regulated in Cyprus, will be banned from operating in the country. Companies that offer leveraged forex and CFD trading will also be banned from approaching Belgians. The FSMA is not banning all forex and CFD trading but rather the kind with leverage, such as contracts for difference CFDs and rolling spot forex contracts.

If the dollar, say, goes down by one percent, even for a fraction of a second, the trader can lose all their money.

The company sells their position at a loss and closes it. On the other hand, if the dollar goes up by 1 percent, the trader can double his money. However, statistics being what they are, a highly leveraged client will often be wiped out quickly.

A spokesman for the FSMA told the Times of Israel that the decision, unprecedented in Europe, to bar overseas binary options firms from approaching its 11 million citizens, came about after the Belgian regulator received a growing number of complaints from Belgians regarding binary options and forex companies. Init received complaints, in the number increased to and in the first half of it received complaints.

So far, Belgians who have come forward have lost approximately 6 million euros to binary options and forex fraud, the spokesman said, while stressing this figure is probably the tip of the iceberg. In neighboring France, where the population is six times as large, police have said losses to French citizens from binary options and forex scams exceed 4 billion euros. France recently announced it plans to ban all electronic advertising, including online, television and radio, of binary options and forex products.

It has not yet taken the step of banning them entirely. This regulation will help combat such offers.

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Asked how the Belgian government plans to enforce forexball admiral ban, in light of the fact that the US government banned non-exchange binary options several years ago and yet many companies continue to solicit American citizens, the FSMA spokesman said the regulator would employ administrative sanctions, and cited a case last week where the FSMA reached a settlement with Cyprus-regulated investment firm Rodeler Limited, which owns the brand 24Option.

Rodeler offered to settle with the FSMA for the amount of eurofor offering binary options, CFDs and forex unlawfully to Belgian citizens.

In addition, Rodeler is required to make contact with all of its Belgian customers to offer them options trading workbook software for nifty possibility to terminate their contracts and be reimbursed their current account balance.

Owned by Israelis, Rodeler calls clients from its call center in Israel under the company name Betamedia. While the FSMA did not wish to speak on the record about the Israeli connection to binary options and forex fraud at this stage, Shmuel Hauser, Chairman of the Israel Securities Authority, easy way to make money in everquest 2 The Times of Israel in statistics binary options and forex interview last week statistics binary options and forex the ISA has been approached by the Belgian regulatory authorities in the past year about binary options firms operating from Israeli territory.

There are more than brands operating from Israel, employing thousands of Israelis, defrauding customers out of an estimated billions of dollars per year.

While local binary options firms have now been banned by the Israel Securities Authority from targeting Israelis, they are still free to target people abroad. In the past year, the FSMA forex tax reporting uk issued warnings about other binary options companies that operate from Israel, including CentralOption, PWRTrade, Tradesolid, and RBoptions.

We also refer victims to Cysec and the financial ombudsman in Cyprus. Atlanta Jewish Times New Jersey: The Stockbrokers cork ireland Standard New York: The Jewish Week United Kingdom: The Jewish News For Publishers: Become a Times of Israel partner. Wednesday, June 21, Sivan 27, 8: About Us About the site Contact us Advertise with us Advertise with us.

Subscribe to the Daily Edition. International community gradually catching on to vast, Israel-centered fraud. By Simona Weinglass August 13,6: The City Hall and the center of the old town in Brussels, Belgium on December 9, Jean-Pol GRANDMONT, CC-BY Wikimedia commons.

Simona Weinglass Simona Weinglass is an investigative reporter at The Times of Israel. Johan Van Overtveldt Courtesy.

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