by Kevin Helms
Binance has reportedly halted services in Israel after the cryptocurrency exchange was approached by the country’s financial regulator inquiring about its activities and the licenses under which it operates. A growing number of regulators have been scrutinizing Binance for operating without a license in their jurisdictions.
Israel’s Capital Market, Insurance, and Savings Authority has reportedly approached Binance regarding the crypto exchange’s activities in the country.
The authority, which is responsible for licensing crypto businesses in Israel, has asked Binance for clarification about the services it offers to Israelis and the licenses under which it operates, according to Globes publication.
Companies offering crypto services in Israel are required to obtain a license. Binance has not submitted an application to the authority for approval to operate in the country.
However, the crypto exchange has activities in Hebrew and it is estimated that about 200,000 Israelis are using Binance’s services, the publication conveyed. The regulator was quoted by the publication as saying:
Binance has at this stage stopped marketing to Israelis and all activities focused on Israel until we examine the issue of licensing.
Binance has faced scrutiny in many jurisdictions for operating without a license, including in the U.S., U.K., Canada, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania.
In addition, the cryptocurrency exchange restricted 281 Nigerian accounts in January at the request of law enforcement. This week, the U.S. Securities and Exchange Commission (SEC) is reportedly probing the U.S. arm of Binance.
The crypto exchange said in August last year that compliance is now its top priority. Binance added that it is making “substantial changes” to become a regulated financial institution.
What do you think about Binance halting operations in Israel? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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