Crypto Exchange Binance Shuts Down Israel Operations After Regulator Raises Licensing Issue CryptoBlog

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Binance reportedly halted its services in Israel after the cryptocurrency exchange was approached by the country’s financial regulator to inquire about its business and the licenses it operates under. A growing number of regulators have scrutinized 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, asked Binance for clarification on the services it offers to Israelis and the licenses it operates under, according to the publication Globes.

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 around 200,000 Israelis use Binance’s services, the publication states. 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 come under scrutiny in many jurisdictions for operating without a license, including the US, UK, Canada, Germany, Italy, India, Malaysia, Singapore, in 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 was making “substantial changes” to become a regulated financial institution.

What are your thoughts on Binance shutting down operations in Israel? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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