Bitan Blocks Binary Bill

After the Knesset Reforms Committee unanimously approved on Monday a bill for a blanket ban on binary options to be sent to the plenum, passage seemed assured.

Until, that is, coalition chairman David Bitan (Likud) arrived with an option of his own — revisions were necessary and the bill would go nowhere without them.

Bitan had entered the picture late, after the committee had already voted for the bill 4 to 0, the session was officially over and the room was emptying out. This did not deter Bitan from insisting on changes, chiefly allowing SpotOption and other binary options companies in Israel to continue doing business with foreign customers.

When told by committee chairwoman Rachel Azaria (Yesh Atid) that it was too late to re-open the discussion, Bitan said in that case he would see to it that the bill did not reach the plenary for final voting.

“Why is this so urgent?” Bitan asked. “It can wait.”

“This law is very important,” Azaria argued. “Binary options is causing anti-Semitism around the world,” referring to widespread reports about Israeli companies engaging in fraudulent practices associated with binary options.

The Times of Israel quoted a source who said that Bitan told Azaria that a family prominently involved in SpotOption are leaders of the Georgian faction of the Likud Central Committee who are important to his own position in the party.