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Israel's Bank Leumi to Offer Crypto Trading
The bank is working with New York-based custody and trading platform Paxos to bring the service to customers.
Updated May 11, 2023, 5:57 p.m. Published Mar 25, 2022, 9:37 a.m.
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Bank Leumi, one of the biggest banks in Israel, will start to offer crypto trading through its digital platform Pepper Invest, the company said in a press release on Friday.
- Bank Leumi is offering the service in partnership with New York-based custody and trading platform Paxos and will be the first bank in Israel to offer crypto trading services to its clients.
- Customers will be able to buy, hold and sell bitcoin and ether (ETH) initially in transactions starting from 50 shekels ($15.49), Leumi said.
- No start date has been provided as of now and the move is subject to regulatory approval.
- "Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities," Leumi said in the announcement.
- Reuters had earlier reported that Leumi will start to offer crypto trading.
Read more: Bank of Israel Publishes Draft Guidelines for Crypto Deposits
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UPDATE (Mar. 25, 09:43 UTC): Adds the 'request for comment' disclosure in last bullet.
UPDATE (Mar. 25, 11:15 UTC): Updates sourcing throughout the story.
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