Major cryptocurrency exchange Binance has reportedly ceased operations and marketing to Israelis following a licensing request from one of the country’s financial regulators.
According to a report by Israeli news outlet Globes on Thursday, the Capital Markets, Insurance and Savings Authority has asked Binance for information about the services it provides to Israelis, as well as any licenses under which it operates. The regulator responsible for issuing licenses to cryptocurrency companies has reportedly never received an application from Binance to allow the exchange to do business in Israel.
“Following the intervention of the capital market, Binance has stopped marketing to Israelis at this stage and all activity has been focused on Israel until we look into the issue of licensing,” the Capital Markets Authority said.
The Binance website no longer lists Israeli shekels as a payment method for buying cryptocurrency, a feature that was introduced in February 2020. However, at the time of publication, the platform’s job listings still include 7 opportunities to work with the exchange in Israel.
In July 2021, Binance CEO and founder Changpeng Zhao stated that he wants the exchange to work with local regulators as it opens offices in other countries. However, Binance continues to be subject to regulatory scrutiny as authorities in Italy, Malaysia, Poland, Germany, the UK, the Cayman Islands, Thailand, Canada, Japan, Singapore and other countries have issued statements or claims that the exchange is operational. unlawfully or otherwise prejudicial. investors to exercise caution.
Related: Israel Reportedly Adopts New Cryptocurrency AML Rules
Israel, with a population of around 9 million, appears to have welcomed the introduction of digital assets under a proper regulatory framework. President Isaac Herzog received a non-fungible token representing the taking of an oath in July, and the country’s central bank has been exploring the possibility of introducing a digital shekel for almost five years.
Cointelegraph reached out to Binance, but received no response as of press time.
Major cryptocurrency exchange Binance has reportedly ceased operations and marketing to Israelis following a licensing request from one of the country’s financial regulators.
According to a report by Israeli news outlet Globes on Thursday, the Capital Markets, Insurance and Savings Authority has asked Binance for information about the services it provides to Israelis, as well as any licenses under which it operates. The regulator responsible for issuing licenses to cryptocurrency companies has reportedly never received an application from Binance to allow the exchange to do business in Israel.
“Following the intervention of the capital market, Binance has stopped marketing to Israelis at this stage and all activity has been focused on Israel until we look into the issue of licensing,” the Capital Markets Authority said.
The Binance website no longer lists Israeli shekels as a payment method for buying cryptocurrency, a feature that was introduced in February 2020. However, at the time of publication, the platform’s job listings still include 7 opportunities to work with the exchange in Israel.
In July 2021, Binance CEO and founder Changpeng Zhao stated that he wants the exchange to work with local regulators as it opens offices in other countries. However, Binance continues to be subject to regulatory scrutiny as authorities in Italy, Malaysia, Poland, Germany, the UK, the Cayman Islands, Thailand, Canada, Japan, Singapore and other countries have issued statements or claims that the exchange is operational. unlawfully or otherwise prejudicial. investors to exercise caution.
Related: Israel Reportedly Adopts New Cryptocurrency AML Rules
Israel, with a population of around 9 million, appears to have welcomed the introduction of digital assets under a proper regulatory framework. President Isaac Herzog received a non-fungible token representing the taking of an oath in July, and the country’s central bank has been exploring the possibility of introducing a digital shekel for almost five years.
Cointelegraph reached out to Binance, but received no response as of press time.
