Major cryptocurrency exchange Binance has reportedly halted activities and marketing to Israelis following a request from one of the country’s financial regulators regarding licensing.
According to a Thursday report by Israel-based news outlet Globes, the Savings, Insurance and Capital Markets Authority asked Binance to provide information about the services it was providing to Israelis, as well as any licenses under which it operates. . The regulator, responsible for handling licenses for crypto businesses, reportedly never received a request from Binance allowing the exchange to do business in Israel.
“Following the capital market intervention, Binance at this stage has stopped trading to Israelis and all activities were focused on Israel until we look into the license issue,” the Capital Markets Authority said.
the Israeli flag. Source: Pexels
Binance’s website no longer lists the Israeli shekel as a payment option to buy cryptocurrencies, a feature that was introduced in February 2020. However, at the time of publication, the platform’s job postings still include 7 opportunities to work with the exchange in Israel.
In July 2021, Binance CEO and founder Changpeng Zhao said that he wanted the exchange to work with local regulators as it establishes offices in other countries. However, Binance still faces regulatory scrutiny as authorities in Italy, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore, and other nations have issued statements alleging that the exchange was operating illegally. or warning in another way. investors to exercise caution.
Related: Israel Reportedly Adopts New AML Rules for Crypto
With a population of roughly 9 million people, Israel has apparently welcomed the introduction of digital assets under the proper regulatory framework. President Isaac Herzog received a non-fungible token that he represents when he was sworn in in July, and the country’s central bank has been exploring the introduction of a digital shekel for almost five years.
Cointelegraph reached out to Binance but did not receive a response at press time.
This post Binance Halted ‘All Israel-Focused Activities’ Following Regulatory Request: Report
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