Binance Suspended All Operations in Israel
The world’s largest cryptocurrency exchange, Binance, has announced that it has ceased operations and marketing activities in Israel, in accordance with the Israel Financial Regulator’s licensing requirements.
Binance has suspended all operations in Israel
Israel-based news organization Globes noted in its report published on Thursday that the Capital Markets and Insurance Thrift Authority has asked exchange BNB for information about the services it provides, which is available to Israeli citizens and any licenses under which it operates puts. The regulator responsible for managing crypto companies’ licenses has reported that it has not received an application to allow the Binance exchange to conduct business in Israel.
Following interventions in the capital markets, BNB has decided to suspend all marketing and Israel-focused activities until the licensing issue is reviewed at this time.
Launched in February 2020, Binance’s website does not list the Israeli digital shekel as a payment option. However, the platform’s job listings still offer opportunities, including jobs on the stock exchange in Israel.
Binance will also be subject to regulatory scrutiny in other countries starting in 2021
BNB CEO Changpeng Zhao said in a July 2021 statement that he would like the exchange to work with local regulators while also establishing offices in other countries. However, BNB still faces constant regulatory scrutiny as authorities in Italy, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore and other countries have issued statements that the exchange is operating illegally , or other warnings.
With a population of 1 million, Israel has no trouble promoting digital assets under the right regulatory framework. President Isaac Herzog has been buying tokens since taking office in July, and the country’s central bank has been working on the digital shekel project for five years.
The SEC takes a close look at Binance.US
The United States Securities and Exchange Commission (SEC) is investigating Binance US’ relationship with two partner market makers. The SEC has announced that it will keep the cryptocurrency exchange under scrutiny, alleging that Binance US has not clearly disclosed its relationship with customers. Binance has officially declined to provide details, saying it is a private company and does not have to publicly disclose details about its investors or corporate structure. According to a Binance spokesperson, the organization is willing to share information with regulators.
In order for the SEC to continue the investigation, they must demonstrate that the digital assets offered by Binance US are in the securities portfolio and subject to their jurisdiction.
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