Market-leading crypto exchange Binance has reportedly halted all trading activities in Israel after a regulator in the country questioned the trading platform’s business license.
According to a report by the Israeli news portal Globes, the Israeli capital market regulator has asked Binance to provide precise information about its own business activities in Israel and the necessary licenses. The authority, which is also responsible for overseeing crypto companies, states that it has not yet received a license application from Binance, nor has it issued a license, so the request for submission of the official documents is equivalent to a request to cease business operations is.
"Following the intervention of the capital market regulator, Binance has now temporarily suspended all marketing measures and trading activities in Israel until all questions about the necessary approvals have been clarified," as the capital market regulator is said to have announced in this context.
There has been no confirmation from Binance so far, but a first indication of the legitimacy of this report could be that the Israeli national currency (shekel) is currently no longer available on the trading platform . On the other hand, there are still several job postings open for Binance in Israel.
In July 2021, Binance Managing Director Changpeng Zhao announced that his company wanted to work more closely with the supervisory authorities in different countries. However, the platform continues to face massive headwinds in Italy, Malaysia, Poland, Germany, the UK, Thailand, Canada, Japan, Singapore and other countries. The authorities concerned not only explicitly warn against trading on Binance, but sometimes even describe their business operations as illegal.
The tech-savvy Israel had previously introduced a legal framework for digital currencies, which generally gives the crypto industry more room for manoeuvre. The new Israeli President Yitzchak Herzog has also received a Non-Fungible Token (NFT) at his inauguration . The Central Bank of Israel , in turn, is working diligently on its own Central Bank Digital Currency (CBDC). So the official pressure on Binance probably does not stem from a general rejection of the asset class.
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