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43-500: The Israel Diamond Exchange , the centerpiece of the district, contains four buildings connected by bridges; the Maccabi Tower, Shimshon Tower, Noam Tower, and Diamond Tower . The latter contains the world's largest diamond trading floor and is the head-building of the exchange. Additionally, the district features several important buildings. Moshe Aviv Tower is Israel's second tallest building at 235 meters. Sheraton City Tower

86-407: A brand associated with Banc De Binary, was named by BuzzFeed as the operator of a bizarre scam known as the "Hawking code". The scam used a fake news site , purporting to be a part of CNN , and a fake interview with Stephen Hawking . According to the fake news site, Hawking developed a trading algorithm which would in effect transfer wealth from the top 0.1% of the world's wealthiest people to

129-624: A diamond-set tennis ball and Biblically-inspired brooches incorporating diamonds. During the establishment of Israel , the Diamond Exchange was located on two floors on Ahuzat Bayit Street in Tel Aviv . In the early 1960s, discussions began about constructing an office building for the Diamond Exchange. After facing difficulties with the Tel Aviv Municipality, Abraham Krinitzi, the then Mayor of Ramat Gan, suggested that

172-556: A fully regulated broker would complete credit checks on customers to ensure that those with low finances did not trade with them. Among the allegations made by the SEC was that Banc De Binary induced people with limited funds, including one unemployed person with less than $ 1000, to open accounts. In response to the U.S. charges the company put out a statement that made no mention of its legal problems, but instead incorrectly implied that they were in negotiations and that they had voluntarily left

215-488: A general urban renewal scheme for the district. 32°05′06″N 34°48′07″E  /  32.08500°N 34.80194°E  / 32.08500; 34.80194 Israel Diamond Exchange 32°5′0.84″N 34°48′8.51″E  /  32.0835667°N 34.8023639°E  / 32.0835667; 34.8023639 Israel Diamond Exchange Ltd. , located in the Tel Aviv District city of Ramat Gan , Israel ,

258-610: A real estate investor in Israel. A company official announced on January 9, 2017 that the company would be closing because of "consistently negative press" coverage. "It's just not worth the tarnished reputation. I don’t see how we can continue operating under such scrutiny and public image," said the official. The firm also surrendered its brokerage license with the Cyprus Securities and Exchange Commission (CySEC) on January 9, 2017, removing its ability to legally trade in

301-504: A scaled down version due to its similar shape and materials. The tower's car park connects to the parking areas of both its neighbours; Sheraton City Tower to the south and the Ayalon Tower to the north. In 2014, the addition of 8 new floors was approved. Construction began in 2016 and finished in 2018. During the construction, the building got renovated. HaKikar Tower was home to financial company, Banc De Binary until 2017, and it

344-540: A selected group authorised bulk purchasers of rough diamonds (which includes also about 10 Israeli diamantaires , controlled by the De Beers Group , the single largest producer and purveyor of rough diamonds in the world . During the 1990s the stronghold of De Beers Group was weakened by diamond traders who engage directly with diamond producers in Russia and Africa. Banc De Binary Banc De Binary

387-505: A year. In 1968, the first building in the complex was opened: the 22-story Shimshon Tower, at the time one of the tallest buildings in Israel. During the 1980s, the Maccabi Tower and Noam Tower were constructed and in 1992 the tallest building in the complex was opened, the 32-story Diamond Tower . For many years the supply of rough diamonds was dominated by the Diamond Trading Company Sightholders ,

430-516: Is 132 meters in height, excluding its decorative spire, making it the third tallest building in Ramat Gan . An average floor in the tower covers 1,000 square meters, the tower's parking lot is 20,000 square meters. The tower was completed on May 10, 2009, after the construction was stopped in 2002 with only 17 floors due to lack of demand for office areas. On the top of the tower a helipad was built, and temporarily removed after 4 years in 2006 when

473-694: Is a hotel in the district, whilst other notable buildings are the Ayalon Tower and Gibor Sport House. Tel Aviv's Central railway station is connected to the district by a pedestrian bridge. The Harry Oppenheimer Diamond Museum displays models of world-famous diamonds, including the Koh-i-Noor Diamond currently set in the crown of the King of the United Kingdom , the diamond given to Elizabeth Taylor by Richard Burton on her 40th birthday, and items such as an hourglass with "sand" made of diamonds,

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516-519: Is heavily based on mutual trust and communal relations between Jewish merchants over the world helped secure and expand trade. As a result The Israeli diamond district became heavily connected with the New York and Antwerp centres. The New York diamond district was dominated by merchants from Jewish centres including the Israel centre. The Moshe Aviv Tower, also known as City Gate, was the tallest building in Israel from 2003 to 2017. Leonardo City Tower

559-481: Is permanently barred from doing any business in the United States or with US persons. In 2018 Leonel Alexis Valerio Santana and Frank Gregory Cedeno were charged in a U.S. court for criminal fraud. They allegedly impersonated SEC employees promising to help victims of Banc De Binary's scams obtain repayment of lost funds. Instead, they allegedly defrauded the victim by taking $ 1.3 million more. In July 2018,

602-678: Is the tallest hotel in Israel. It was the tallest building in Ramat Gan from its construction in 2000, until 2001, when it was surpassed by the Moshe Aviv Tower. The Diamond Tower containing the world's largest diamond trading hall, accommodating up to 1,000 people. At 115 meters over 32 floors, the tower was the tallest building in Ramat Gan from 1989 until 2000, when it was surpassed by the Sheraton City Tower. The Ayalon Tower has 35 floors, used for office purposes, and

645-530: Is the world's largest diamond exchange and the centre of Israel's diamond industry . The exchange is a private company that incorporates about 3100 members; these diamantaires are engaged in diamond cutting and trading - marketing, brokerage, import and export. The exchange operates from a complex of four buildings in area known as the Diamond Exchange District ; the buildings are connected by bridges creating one complex, which contains

688-472: The European Union . The firm remains under supervision by CySEC regarding previously incurred obligations and the formal closing of the firm. Reuters reported that the company's headquarters had been closed, the company's name removed, and a "for rent" sign placed on the building. The Times of Israel reported that some industry insiders were skeptical that Banc De Binary was really closing, but

731-513: The Republic of Seychelles , collectively conducted business internationally as Banc De Binary. The organization was founded by Oren Laurent, a 31-year-old (as of 2016) American and Israeli citizen who lives on the outskirts of Tel Aviv . Laurent owns 50% of Banc De Binary, and was also the sole owner or 50% shareholder of ET Binary Options Ltd., BO Systems, Ltd., and BDB Services, Ltd. He claims to have graduated from New York University and be

774-570: The CFTC and SEC about these issues, but in the interim, we have discontinued all business with U.S. residents. On January 26, 2016, Banc De Binary agreed to a court order to pay $ 11 million in restitution and penalties to settle this case. The settlement agreement requires Banc De Binary to refund the losses of US customers. Refunds are being handled by the National Futures Association as court-appointed monitor. Banc De Binary

817-458: The CFTC filed a complaint against Michael Shah and his company Zilmil asking for disgorgement and fines totaling $ 75 million. Shah and Zilmil advertised trading schemes by Banc de Binary and 15 other companies to traders in the U.S. even though none of the companies were registered to trade with U.S. customers. Shah also offered automatic trading systems, including the "Millionaire Money Machine" which Shah knew, according to his emails, did not produce

860-637: The Subject of Investor Complaints". In Canada , it is listed on the Ontario Securities Commission 's Investors Warning List of "companies that appear to be engaging in activities that may pose a risk to investors". After receiving "at least one complaint from a Québec investor who traded through Banc De Binary's platform and was unable to recover his investment", the Autorité des marchés financiers (AMF) warned investors about

903-510: The U.S. market, when in fact the SEC had taken an injunction out to stop them. In a message posted on its website, the company stated that [...] Banc De Binary is voluntarily discontinuing its operations in the United States. The United States Commodity Futures Trading Commission and Securities and Exchange Commission have asserted that Banc De Binary is not permitted to offer its binary option products to U.S. residents without registering with those agencies. We are currently in discussions with

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946-571: The advertised results. Within the European Union, the company was regulated by the CySEC. On 7 April 2014 CySec announced that they had fined Banc De Binary 10,000 euros after it had "concealed material information in its request for authorization CIF submitted to the commission in August 2012, namely concealed the existence of close links between it and another company". As of October 2013,

989-637: The beginning of the development of the Diamond Exchange Complex, which until then had only included small-scale industry and craft buildings. From 1946 to 1994, the municipal swimming pool "Gali Gil" was also located in the complex. The Leonardo City Tower Hotel now stands on the site of this former swimming pool. Jewish merchants have historically and continue to engage in the diamond trade. Several congregations of Jewish merchants gave rise to prominent diamond districts, most prominently: New York, Israel and Antwerp . The Diamond industry trade

1032-399: The building be constructed in Ramat Gan. On November 14, 1961, a contract was signed to purchase a 3.5-dunam plot for this purpose in an area that later became known as the Diamond Exchange Complex. The construction of the first office tower in the complex, the "Shimson Tower," took place between the laying of the cornerstone in 1964 and its inauguration on October 24, 1968. This building marked

1075-584: The client would have no protection. The company also claims on its site at its UK Companies House report to have an office at 1 King Street, EC2, in the City of London , but this, like its New York City address, was a virtual office with no physical presence. Banc De Binary's UK Companies House report says that they are based in Cyprus. Despite this, Banc de Binary was brought to trial in Nevada. Banc De Binary retained

1118-473: The company was rated "F" by the United States' Better Business Bureau (BBB) because 31 complaints had been made against it, including 9 of which were unanswered. The BBB report also wrote that the "site essentially allows investors to gamble on the future price of something at a point in time". It appears on the Securities and Exchange Commission 's "List of Unregistered Soliciting Entities That Have Been

1161-458: The company, seeking disgorgement, financial penalties and other preliminary and permanent injunctions against the company. In civil suits filed in Nevada, the SEC and CFTC allege that the company was offering off-exchange traded options to U.S. customers and unlawfully solicited US customers to buy and sell options. The CFTC and SEC's suit also alleges that it did not limit its offerings to eligible contract participants, contrary to U.S. regulations;

1204-400: The company. It noted that a bonus of 50% of the opening deposit is available, but customers who accept the bonus are not allowed to make withdrawals until they have made trades equal to 20 times their initial deposit. The AMF also pointed out that, due to the "all or nothing" nature of binary options, an investor who wrongly predicts market movement will lose his entire investment. Banc De Binary

1247-486: The federal RICO statute ". Banc De Binary at first refused to appear in court in the United States for depositions . Banc De Binary claimed to have an office in New York City at Trump Tower , but this was in fact a virtual office space with no significant physical presence. Trading and offering financial services to U.S. consumers without gaining a license first from U.S. regulators is illegal, as it would mean

1290-633: The next seven years , but between 1944 and 1948 it suffered from the increasing lawlessness and in February 1948 closed down completely, with seemingly little chance of recovery. After a new start and renewed growth, by the 1960s a trade association was established, which later evolved into the Diamond Exchange. From 1967 to 1993 Moshe Schnitzer was President of the IDE, which grew rapidly under his direction. Exports of polished diamonds from Israel during this period increased from $ 200 million to $ 3.4 billion

1333-766: The other 99.9%. The site led to a trading site operated by Option.fm, headquartered in the Caribbean, that guaranteed trading profits using binary options. A second journalist traced the scam to Banc De Binary, which did not respond to his inquiries. Hawking's office at Cambridge University denied any connection to the scam. Oren Laurent was named in a lawsuit as the CEO of Option.fm, but he has denied it. Banc De Binary Ltd., based in Cyprus , along with ET Binary Options Ltd., BO Systems Ltd., and BDB Services Ltd., based in Israel and

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1376-464: The price of a certain commodity will go up or down in a specific time period, as short as 60 seconds. Banc De Binary was an associate of SpotOption Exchange which sets the price of the option. The price of the option was not a market price, but was set by SpotOption Exchange itself. The Wall Street Journal described it as "a website that allows people to bet on the price of gold, oil or stocks". The company allowed people to wager on changes in

1419-417: The price of over 200 global assets including commodities , stocks , indices , and currencies using several variations of the trading platform including classic binary options , long term options, and sixty second options, and pairs trading. According to an advertisement for Banc De Binary, its CEO Oren Laurent was a founder of SpotOption, the firm that set the option prices. In January 2017, Option.fm,

1462-407: The price of various assets by using a pricing platform provided by an Israeli company, SpotOption, and customised by Banc De Binary. Customers did not own the asset but instead predicted whether its price would rise or fall. Banc De Binary's role was to create accounts for customers as a reseller of SpotOption's services. The company offered several kinds of options; customers could make predictions of

1505-462: The rest of the tower's floors were built. Among other corporations, the headquarters of Bank Otsar Ha-Hayal are located in the Ayalon Tower. The Gibor Sport House is 114 meters in height, has 29 floors and was completed in April 2000. The building was designed by AMAV Architects, the architects of the Moshe Aviv Tower. As such, it has many similarities in terms of its design, with many likening it to

1548-476: The services of Snell & Wilmer in Reno , Nevada , in relation to U.S. charges. This followed an earlier hearing where in the absence of any representation from Banc De Binary, charges were filed via email and by post. Binary trading in the United States is legal, but it needs to be done through properly registered and regulated exchanges such as NADEX . Both the CFTC and SEC working filed civil suits against

1591-598: The world's largest diamond trading floor; consisting of 1000 office rooms, restaurants, banks, post, and package delivery services. The first diamond cutting facility was opened in 1937 (Mandatory Palestine at the time), in Petach Tikva by two cousins Asher Anshel Daskal and Zvi Rosenberg professional diamantairs trained in Antwerp, originally from Romania during the British Mandate . The industry grew over

1634-492: Was ILS 5 million. The administration is responsible for the physical upkeep of the public space, as well as marketing and general development. As of 2019, the city of Ramat Gan is promoting a plan, drafted by architect David Galor, to increase the Diamond Exchange District's occupied space from 1.1 million square meters to 3.7 million. The plan includes a 120-floor tower, an addition of 1,000 apartments and

1677-510: Was an Israeli financial firm with a history of regulatory issues on three continents. On January 9, 2017, the company announced that it would be closing due to negative press coverage and its tarnished reputation. The firm also surrendered its brokerage license with the Cyprus Securities and Exchange Commission (CySEC) removing its ability to legally trade in the European Union . Its 2014 revenues were reported as $ 100 million. It sold binary options on assets including foreign exchange . It

1720-663: Was barred from accepting U.S. customers in August 2013 after being charged with several offenses by the Commodity Futures Trading Commission (CFTC) and U.S. Securities and Exchange Commission (SEC) in a civil lawsuit. The company agreed to pay $ 11 million in restitution and fines to settle the suit. It is also banned from accepting customers in Canada, Australia, New Zealand, and Israel. The company operated an online trading website through which customers could buy binary options, predicting whether

1763-600: Was charged by both the Commodity Futures Trading Commission and the Securities and Exchange Commission for alleged violations of U.S. financial regulations. The CFTC warned more generally of "fraudulent schemes involving binary options and their trading platforms". On July 30, 2013, the SEC obtained a preliminary injunction from U.S. District Court for the District of Nevada to prevent and freeze any further trading with U.S. customers. Charges filed on August 7, 2013, stated that Banc De Binary "may be criminally liable under

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1806-635: Was named BDB Tower. The building was designed by Gwircman E. Architects Ltd. and completed in 1988. It is situated on 38 Tuval Street, Ramat Gan. Its unusual modernism architectural design and use of concrete materials makes it one of the more noticeable buildings in the Exchange District. It has 10 floors and covers 3,000 square meters. Since 2015, the district has been administered by the Diamond Exchange District Administration. As of 2019, its annual budget

1849-572: Was rather relocating and changing its name. One client who is owed €170,000 ($ 180,000) due to an August judgement from the Cyprus Ombudsman was still awaiting payment as of January 11, 2017. Banc De Binary's bank accounts are at Piraeus Bank Cyprus Limited , West East Bank, Credit Suisse, Wirecard Bank AG and TBI BANK EAD according to the Australian Securities & Investments Commission . On June 6, 2013, Banc De Binary

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