Cryptocurrency exchange Binance, not registered in Israel, has ceased to serve Israelis, support the shekel and Hebrew.
The Israeli Capital Markets, Insurance and Savings Authority, which is responsible for licensing crypto exchanges, has asked Binance to provide licenses under which the platform provides services in the local market. And since there is no license, the regulator suspended the company’s activities:
“Until the Authority looks into the issue of licensing, Binance must stop providing services to Israelis and stop all activities centered in Israel.”
The interest of the local regulator in Binance is due to the fact that the cryptocurrency platform, unlike local companies, did not submit an application to the administration for obtaining a license to operate in the country. The regulator believes that an unregistered exchange that is not under state supervision poses a risk to investors in cryptocurrencies.
The founder of the Israeli cryptocurrency exchange CryptoJungle Ben Samocha (Ben Samocha) reported that Binance has removed support for Hebrew and the Israeli shekel. At his request, the exchange’s support team said that these steps were taken due to the need for regulation and at this time they cannot give more details.
The Binance marketplace has been one of the most popular cryptocurrency trading platforms in Israel. About 200,000 citizens of the country were registered on the platform.
Israel is not the first state whose regulators impose a ban on the active trading platforms of Binance. The persecution of the Binance exchange entered an acute phase after the People’s Bank of China, the Ministry of Public Security of the People’s Republic of China and other institutions banned citizens from using foreign cryptocurrency exchanges. In June, the UK Financial Conduct Authority warned Binance management that the site could not carry out regulated activities in the country. A month later, the cryptocurrency exchange Binance announced that it would stop trading cryptocurrency derivatives in Germany, Italy and the Netherlands. The Malaysian regulator also demanded that the exchange close all operations.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
