- Israel Supervisory Authority Closes Binance Local Branch
The exchange has not applied for a license, therefore it cannot promote and provide its services
Capital Markets Supervisory Authority (ISA) ) turned to the Binance crypto exchange with a request to clarify its activities in the country. Soon the company was forced to suspend work in Israel until all circumstances were clarified.
Note that it is in the introduction of the ISA that the licensing of crypto exchanges is located. Binance, in turn, did not go through this procedure. Therefore, the company cannot promote its services and provide them to the citizens of the country.
According to various estimates, the crypto exchange served up to 20 thousands of users from Israel. The company has even released a Hebrew version of its app for convenience.
However, the position of the regulator on this issue remained unchanged. The ISA believes that the operation of sites without licenses poses a threat to the traditional financial system and excessive risk for retail investors.
Over the past few months, Binance has encountered many obstacles in various markets. The exchange is accused of fraud and is gradually being forced out of those countries where the licensing system for crypto companies is being actively implemented. Binance even had to leave Singapore, one of the most promising destinations. And recently, Turkey fined the company a huge amount.