Anyoption shuts Israeli call centre after new binary options rule
Israel's anyoption has laid off about 80 employees amid a binary options trading crackdown. The closure of its Israeli call centre comes two weeks after the Cyprus Securities and Exchange Commission (CySEC) published new rules on binary options providers working in non-European countries. The company, which is a CySEC-regulated CIF (Cyprus investment firm) registered as Ouroboros Derivatives Trading, said it was not closing down its business but moving its call centres out of Israel. New CySEC rules require brokers to operate their sales and marketing divisions either from their head offices or from EU member state countries.

Only two weeks after the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) published a new circular targeting binary options providers operating in non-European countries, the largest Israeli provider anyoption has closed its Israeli call center, laying off approximately 80 employees. The shakeup at anyoption follows Banc De Binary closing its doors last month.

A source within anyoption told local financial newspaper The Marker that it is not shutting down its business, but moving its call centers outside of Israel. anyoption is a CySEC regulated CIF registered as Ouroboros Derivatives Trading Ltd. Finance Magnates has reached out to anyoption for a comment and will update this article once a response is received.

CySEC recently issued a circular which forces regulated brokers to operate their sales and marketing divisions either from their head offices or from EU-member countries. The change appears to be directed towards Israeli brokers and companies that have been outsourcing activities to the Far East in their efforts to target clients from the region.

The cooperation between the Israeli and Cypriot financial supervision authorities appears to have strengthened in recent months. The latest changes come after a meeting between the Israeli Securities Authority (ISA) chief Prof. Hauser and CySEC head Demetra Kalogerou earlier this year.

Shy Datika, CEO, anyoption

The financial supervisors are committed to tackling major issues for financial services providers, and specifically binary options brokers. The latter came under increased scrutiny throughout 2016. Many companies that have been operating in the European Union have dramatically downsized their operations.

At the beginning of the year, Hauser revealed that the Israeli government is drafting legislation that will ban the marketing of binary options outside of the country. As Finance Magnates alluded to at the time, the aforementioned meeting between the financial supervisors was to synchronise their regulatory efforts.