The Israeli Financial Services Authority gave a 30 day notice to brokers providing the contracts in Israel, before a ban on binary options is activated.
This action followed by the Canadian authorities who declared a warning on trading Binary Options.
“Canadians are exposing themselves to the high risk of identity theft and fraud when signing up for these platforms that often request their credit card information,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers, commenting in the CSA press release.
Mr. Morisset added: “The CSA warns investors that if they deal with these platforms, they risk the threat of thousands of dollars in unauthorized withdrawals on their credit cards and of being stuck with high-interest payments for a non-existent investment.”
All of this happens after the US authorities settle with Banc De Binary on a record setting of $11 Million USD.
After literally thousands of complaints from clients across the European Union contacting their local regulators regarding the malpractices by companies engaging in the provision of binary options services to their clients, the European Securities Markets Authority has applied pressure on the CySEC to start treating the complaints of clients adequately.