The management of the capital, insurance and savings of Israel (CMISA) demanded to block the Bitin crypto-rope due to the lack of a license to work in the country. The platform operator faces a fine worth 1.7 million shekels (about $ 460,000).

The Bitin website is still active, however, services for the purchase and sale of cryptocurrencies on the platform are not available. The platform offered BTC, ETH, LTC, XRP trading services, as well as USDT and USDC stablecoins. Bitin promised her customers “Best Courses in Israel to buy bitcoin”.

The CMISA Commissioner Amit Gal (Amit Gal) said that crypto -rhinas and crypto exchangers working in Israel should receive a regulator license. According to the law on supervision of financial services, CMISA regulates the activities of cryptocurrency service providers.

According to the Israeli regulator, the Bitin application for a license was rejected in 2022 due to a criminal investigation against the platform operator. However, Bitin continued to offer virtual currency trade services, violating local laws.

In February 2020, the exchange operator, known as the Bitcoin Corol of Israel, was arrested on suspicion of tax crimes and laundering money along with three accomplices. A year later, he was justified, but had to pay a fine of 15 million shekels (about $ 4 million) for violation of reporting requirements.

Meanwhile, the Central Bank of Israel is actively working on its own digital currency (CBDC). Recently, the regulator said that digital Shekel will be available even to children. Last year, the Israeli bank promised to launch CBDC after the Western Central Banks, relying on their experience.