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. A growing number of regulators have been scrutinizing Binance for operating without a license in their jurisdictions.
Binance shuts down crypto services in Israel
Israel’s Capital Markets, Insurance and Savings Authority reportedly approached Binance regarding the crypto exchange’s activities in the country.
The authority, which is responsible for licensing crypto businesses in Israel, has asked Binance for clarification about the services it offers to Israelis and the licenses under which it operates, according to Globes publication.
Companies offering crypto services in Israel must obtain a license. Binance has not submitted an application to the authority for permission to operate 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. The regulator was quoted by the publication as saying:
Binance has at this point halted marketing to Israelis and all Israel-focused activities until we review the licensing issue.
Binance has faced scrutiny in many jurisdictions for operating without a license, including in the U.S., U.K., Canada, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania.
Additionally, the cryptocurrency exchange restricted 281 Nigerian accounts in January at the request of law enforcement. This week, the United States Securities and Exchange Commission (SEC) would probe the American branch of Binance.
The crypto exchange said in August last year that compliance is now its top priority. Binance added that it is making “substantial changes” to become a regulated financial institution.
