Binance has apparently ceased operations and marketing in Israel in response to a licensing request from one of the country’s financial agencies. According to a story published Thursday by Israel’s Globes, the Capital Market, Insurance and Savings Authority has asked Binance to submit details on the services it provides to Israelis. Also, any licenses it holds.
The Exchange is said to have never applied to do business in Israel with the regulator.
Binance’s application to operate in Israel was apparently never received by the financial body in charge of issuing licenses to cryptocurrency companies.
“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,”
So, the Capital Markets Authority says.
The Israeli shekel has been removed off Binance’s website as a payment option for buying cryptocurrency. That’s, a function that was introduced in February 2020.
Binance is still under regulatory examination.
Binance CEO and founder Changpeng Zhao stated in July 2021 that he wants the crypto exchange to work with local regulators as it expands into new nations. Authorities in Italy, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore. Then, and other countries have published statements stating the crypto exchange is operating unlawfully or cautioning investors to exercise caution.
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