Crypto Exchange Binance Halts Activities in Israel After Regulator Raises Licensing Issue

According to reports, Binance has been approached by Israel’s Capital Market, Insurance and Savings Authority about the activities of the crypto exchange in the country.

According to Globes publication, the authority responsible for licensing Israeli crypto businesses has asked Binance to clarify the services it offers and the licenses it holds.

A license is required for companies offering crypto services to Israel. Binance has not applied to the authority to be allowed to operate in Israel.

The publication stated that Binance has Hebrew-language activities and estimates that around 200,000 Israelis use its services. According to the publication, the regulator said:

Binance has stopped marketing to Israelis at this point and all activities that are Israel-focused have been suspended until we address the licensing issue.

Binance was questioned in many jurisdictions, including the U.S., U.K, Canada, Germany and Italy for operating without a license.

The exchange also closed 281 Nigerian accounts on January 1st at the request law enforcement. The U.S. Securities and Exchange Commission is reportedly investigating Binance.

In August 2018, the crypto exchange stated that compliance was its highest priority. Binance has added that it is making “substantial changes” to become a regulated financial institutions