BINARY LAW IS ZERO USE

Crooks involved in the widely fraudulent global binary options business will be delighted by delays in clamping down on them in Israel – the hotbed of the scam. Binary options are two-way bets on the price of a commodity going up or down over a set period, which can be as short as a minute. The bent websites refuse to payout winnings and disappear with the money. I’ve told how victims in the UK have lost tens of thousands of pounds after being duped into pumping in more and more of their savings. A committee in the Knesset, the Israeli parliament, has voted to ban the industry from targeting other countries from Israeli soil, with offenders facing up to two years’ jail. But there are now doubts that the law will be passed any time soon after coalition chairman David Bitan said “it can wait”. The Times of Israel has quoted him asking: “Why is it so urgent?” Answer: Because people are losing their life savings to these scams every day.