Israel unhappy over unregulated cryptocurrency trade
Israeli authorities are demanding the international crypto stock-exchange Binance to explain unregulated digital currency trade in the country.
Global commerce in cryptocurrency poses regulatory and other challenges for monetary authorities in various countries, and friction. In Israel, the Capital Authority — the governmental body responsible for managing the capital market, the exchanges, currency exchanges, and more — recently stopped the trade of the giant international crypto exchange Binance.
The authority, which is responsible for licenses for groups working in crypto, is asking Binance to clarify the types of services it provides for Israelis and the licenses under which it operates.
According to reports, most groups active in the stock exchange field have applied for a license to operate in Israel by force of a permit to continue trade. By contrast, Binance (a relatively new player in the country) never submitted an application.
Binance is one of the most popular exchanges in Israel, and although it is international, it created platforms in Hebrew targeted to Israelis. It is estimated that 200,000 Israelis have made transactions on its marketplace; its fast interface suits the Israeli fast-track/high-tech modus operandi.
