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. Binance is being investigated by more regulators for not having a license to operate in their respective jurisdictions.
Binance Halts Crypto Services for Israel
Israel’s Capital Market, Insurance, and Savings Authority has reportedly approached Binance regarding the crypto exchange’s activities in the country.
Globes publications reports that the Israeli authority is responsible for licensing cryptocurrency businesses in Israel and Binance has been asked by Binance to clarify the services offered to Israelis as well as the licenses it holds.
A license is required for companies offering crypto services to Israel. Binance hasn’t submitted a request to Israel’s authority to allow them to be operational 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. According to the publication, this regulator said:
Binance is currently not marketing to Israelis. All activities that are Israel-focused will cease until licensing issues can be addressed.
In many countries, Binance was questioned for operating in violation of licenses, such as in the U.S., U.K, Canada, Germany and Italy.
The cryptocurrency exchange also closed 281 accounts from Nigeria in January, at law enforcement’s request. The U.S. Securities and Exchange Commission is reportedly investigating Binance’s U.S. branch.
In August 2018, Binance stated that compliance was its number one priority. Binance added that it is making “substantial changes” to become a regulated financial institution.
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