Regulators in Israel decided to “freeze” the activities of Binance in the country indefinitely.
“Cryptocurrency exchange Binance is obliged to stop all activities aimed at selling, buying and distributing information about cryptocurrencies. This restriction will remain in effect until the Israeli regulator presents to the public full-fledged legislation that will control the digital asset industry,” the authorities said in a statement.
The story, according to local publication Globes, gained public traction after the Insurance, Capital and Savings Authority requested documents from the trading platform confirming that it has the necessary licenses to operate. Reportedly, the Israeli branch of Binance ignored the request of the regulator, not providing any documents that speak to the legitimacy of its activities.
A little later it became known that the regulator’s investigation into the situation confirmed that Binance does not have a license to operate in Israel. Thus, the regulator in charge of issuing relevant documents reported the absence in its database of an “application for a permit to operate” from Binance.
“Following our intervention, Binance’s marketing, advertising and trading activities in Israel were terminated. The pause in the operation of the exchange is temporary, we need time to study all the legal aspects of the matter,” the insurance, capital and savings statement said.
Recall, earlier we reported that the U.S. Securities and Exchange Commission began an inspection of the local office of the trading platform Binance.