Binance halts activities in Israel following a request from the country’s financial regulators over licensing.

Crypto exchange giant Binance has reportedly halted activities and marketing in Israel following a request from one of the country’s financial regulators over licensing. According to a Thursday report from Israel-based news outlet Globes, the Capital Market, Insurance and Savings Authority requested that Binance provide information on the services it was providing to Israelis as well as any licenses under which it operates. 

 

The regulator reportedly never received an application from Binance to do business in Israel.

The financial regulator responsible for handling licenses for crypto firms reportedly never received an application from Binance allowing the crypto exchange to do business in Israel. “Following the intervention of the capital market, Binance has at this stage stopped marketing to Israelis and all activities focused on Israel until we examine the issue of licensing,” said the Capital Markets Authority. Binance’s website has delisted Israel’s shekel as a payment option for buying crypto, a feature that was introduced in February 2020.

 

Binance continues to face regulatory scrutiny.

In July 2021, Binance CEO and founder Changpeng Zhao said he wanted the crypto exchange to work with local regulators as it establishes offices in other countries. However, the crypto exchange is still facing 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 either claiming the exchange was operating illegally or otherwise warning investors to exercise caution. With a population of roughly a million people, Israel has seemingly welcomed the introduction of cryptocurrencies under the proper regulatory framework. Israel central bank has been exploring the introduction of a digital shekel for almost five years. 

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