Binance cryptocurrency exchange, has reportedly ceased operations and marketing to Israelis in response to a licensing request from one of the country’s financial agencies.
According to a story published by Israel’s Globes on Thursday, the Capital Market, Insurance, and Savings Authority has asked Binance to submit information on the services it provides to Israelis, as well as any licenses it holds. Binance apparently never submitted an application to the authority, which is in charge of issuing licenses to crypto businesses, allowing the exchange to operate in Israel.
“Binance has suspended marketing to Israelis and all efforts centred on Israel until we evaluate the matter of license,” the Capital Markets Authority said, citing the capital market’s intervention.
The Israeli shekel is no longer listed as a payment option for buying crypto on Binance’s website, a function that was introduced in February 2020. However, the platform’s employment listings still offer 7 possibilities to work with the exchange in Israel at the time of publishing.
Changpeng Zhao, Binance’s CEO and founder, stated in July 2021 that the exchange would collaborate with local regulators as it opened offices in new nations. Authorities in Italy, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore, and other countries have published statements either stating Binance is operating unlawfully or cautioning investors.
Israel, which has a population of about 9 million people, appears to welcome the entrance of digital assets within an appropriate regulatory framework. When President Isaac Herzog took the oath of office in July, he was given a nonfungible token, and the country’s central bank has been considering the adoption of a digital shekel for nearly five years.