The branch of AvaTrade that operates within Israel have been fined a sum of $141,000 (the equivalent of 500,000 Shekels) for regulatory breaches.
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The ropes of law are getting tighter around internet trading outfits and the latest to be found wanting is ATrade. The Israeli Securities Authority (ISA) have found AvaTrade guilty of falling short of the law that guides these trades. AvaTrade brokerage were reported to have, within 2016 and 2017, allowed some of its customers to make new transactions via means that were not allowed and regulated.
It is important to recall that in January of 2019, the same AvaTrade in Israel had been fined 576,000 Shekels and also in May 2017, it was fined 150,000 Shekels, which are the dollar equivalents of 163,000 and 40,500 respectively for a misleading marketing campaign.
Ava Trade EU Ltd which is the European parent company of AvaTrade is a Central Bank of Ireland licensed brokerage that is licensed by MiFID in the European Union. This regulated body holds license to operate in Australia, Japan, South Africa and BVI.
Reports state that this new fine is because AvaTrade, Israeli-division, knew fully well that the financial instruments used for the payments were prohibited and it went “contrary to the terms of the license granted to it”. This fine comes with a condition that for the next two years, should ATrade be found breaching this same regulation or a similar one, it would be fined another 500,000 Shekels.
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