Recently Binance has reportedly stopped marketing to Israel and all activities are focused on Israel until we look into the licensing issue.”
One of the mainstream crypto exchanges is reported to have suspended operations and marketing to Israel following a request from the country’s financial regulators on its financial licensing.
According to a report from Israel-based news outlet Globes, the Capital Markets, Insurance and Savings Authority has been asked to provide information about the services provided to Israel and all licenses it maintains. The regulator responsible for maintaining licences for crypto companies has never received an application from Binance, which allows the exchange to operate its business in Israel.
“Following the capital market intervention, Binance stopped marketing to Israel at this stage and all activities were focused on Israel until we looked into the licensing issue,” the Capital Markets Authority said.
Although now the Binance website no longer lists Israel’s shekel as a payment option to purchase crypto as it used to list previously, this feature was introduced in February 2020. However, at the time of publication, there were seven opportunities for platform job listings to work with exchanges in Israel.
Back in July 2021, Binance CEO and Founder Changpeng Zhao stated that he would like to work with local regulatory agencies as he sets up offices in other countries. However, the exchange is still under regulatory scrutiny after officials in Italy, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, and Singapore warned that the exchange was operating illegally. Investors need to be careful and thus act accordingly.
Israel, with a population of about one million, welcomes the introduction of digital assets under the proper regulatory framework. President Isaac Herzog received the non fungible token of representation when he was sworn in July and the country’s central bank has been exploring the introduction of the digital shekel for five years.