Binance has reportedly ceased operations in Israel after the country’s financial body inquired about the cryptocurrency exchange’s activity and licensing. Binance is being investigated by a rising number of regulators for operating without a license in their regions.
Binance has put a halt to its cryptocurrency services in Israel.
Binance has apparently been approached by Israel’s Capital Market, Insurance, and Savings Authority over the crypto exchange’s activity in the nation.
According to the Globes journal, the authority, which is responsible for licensing crypto enterprises in Israel, has asked Binance for clarification on the services it provides to Israelis and the licenses under which it operates.
Companies that provide cryptocurrency services in Israel must obtain a license. Binance has not applied to the government for permission to operate in the country.
The crypto exchange, on the other hand, has activity in Hebrew, and it is anticipated that roughly 200,000 Israelis use Binance’s services, according to the publication. According to the magazine, the regulator said:
Binance has halted all marketing to Israelis and all efforts centered on Israel until the licensing issue is resolved.
Binance’s U.S. Under investigation by SEC
Binance has received regulatory attention in a number of countries, including the United States, the United Kingdom, Canada, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania, for operating without a license.
In addition, on the request of law enforcement, the bitcoin exchange blocked 281 Nigerian accounts in January. The Securities and Exchange Commission (SEC) in the United States is apparently investigating Binance’s U.S. subsidiary this week.
In August of last year, the cryptocurrency exchange stated that compliance is now its primary focus. Binance also stated that it is undergoing “significant modifications” in order to become a licensed financial institution.
