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Binance Halts Activities in Israel Following Regulator Intervention: Report
Certain services are suspended while the country's Capital Markets Authority reviews the exchange's licenses.
Updated May 11, 2023, 6:21 p.m. Published Feb 17, 2022, 11:11 a.m.
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Israel's Capital Markets Authority, the regulator responsible for crypto-exchange licensing, has asked Binance to clarify its activities in the Israeli market, according to a report in local news outlet Globes.
- Israel's Capital Markets Authority, the regulator responsible for crypto-exchange licensing, has asked Binance to clarify its activities in the Israeli market, the report said.
- The authority has asked Binance for clarification regarding the type of services it provides to Israelis and the licenses under which it operates, Globes said.
- "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,” the Capital Markets Authority is quoted as saying in the Globes report.
- Binance is under increasing regulatory scrutiny around the world. It’s facing a probe from the U.S. securities regulator. In July 2021, the U.K.’s financial watchdog, the FCA, warned Binance isn’t allowed to operate in the country. In October, the company appointed its first chief regulatory liaison officer, naming Mark McGinness to the post from the Dubai Financial Services Authority, where he spent 16 years as head of international relations.
- Ben Samocha, founder of local crypto media platform CryptoJungle, told CoinDesk that Binance has removed support in Hebrew as well as support for the local currency, the shekel.
- Binance support told Samocha these steps have been taken due to regulatory necessity and it cannot elaborate further at this time.
- Binance had not responded to a request for comment by publication time.
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