Founded 2009 | ||
Industry Gambling and binary options Founder Pinchas Peterktzishvilly also known as Pini Peter Production output $5 billion in trades (claimed) (2015) Services Backend for 300 affiliates | ||
Spotoption platform discover ladder trading
SpotOption is a privately held platform software provider based in Israel for the controversial binary option industry. The firm announced that it is downsizing its operations in Israel and moving many functions to other locations.
Contents
Founding
Sources disagree on the founding of the company. Bloomberg reports "Spot Option" at 7 Jabotinsky, Ramat Gan, Israel, was founded in 2011; a location consistent with information from Companies House in the UK which list a founding date of 2016.
The nonprofit public interest news organization Bureau of Investigative Journalism reports a unit in Israel appearing in 2010. They also report that the founder and primary shareholder is Pinchas Peterktzishvilly, also known as Pini Peter, who was convicted on money laundering charges in 2005. According to an advertisement for Banc De Binary, its CEO Oren Shabat Laurent was a founder of SpotOption.
Market dominance
The firm claims that two thirds of the binary option dealers around the world use SpotOption, and that the firm has $5 billion annual trading volume. In 2015, the company's former CEO, Ran Amiran, said "SpotOption is the industry". SpotOption and TechFinancials together supply trading technology to brokers with claimed $8 billion annual turnover. SpotOption supplied brokerages including the now defunct Banc De Binary, formerly SpotOption's biggest client, and smaller brokerages including itrader, BDSwiss, OptionRally, Webitrader, and FXDD.
In 2016, SpotOption claimed 300 brands or affiliates. among them are:
According to the Bureau of Investigative Journalism, "PowerPoint presentations posted online by Hong Kong-based SpotOption sales manager Thomas Chang in 2016 and former Middle East sales manager Fakhri Husseini in 2013 told potential brokers that only 20% of people who invest in binary options ever get any money back after signing up." SpotOption exhibited at the IFX Expo International held in Cyprus in May 2016. Their director of marketing, Tammy Levy, when asked about crackdowns by law enforcement, was quoted as saying “SpotOption is a technology company, okay? Everyone is responsible for checking regulation in the jurisdiction where they want to work. I am here to tell you what options you have technologically.”
Gambling using binary options
At the 2011 iGaming Super Show, the company showed its platform to traditional gaming vendors, claiming it was compatible with industry regulations and profitable for operators. Peterktzishvilly (Pini Peter) said they intended "to bridge the forex and gaming industries". The company appeared at numerous gambling industry trade shows including ICE Totally Gaming in London in 2014 and the American Gaming Association's Global Gaming Expo Asia 2015 in Macao, calling itself creator of "the perfect financial game".