Binance is now under Israel’s regulatory purview

Sahana Kiran
Source – Unsplash

Binance, one of the world’s top cryptocurrency exchanges, has run into a slew of regulatory difficulties from around the world over the last couple of months. As a result, the exchange was obliged to shut shop in several markets. Now, once again, the exchange was compelled to halt its operations in Israel. The country’s financial regulator was working out licensing issues.

The crypto industry is a symbol of financial freedom. Despite this, governments from all across the globe continue to scrutinize the market. In a similar case, Israel’s Capital Market Authority pressed Binance to present details on the services that it provided to the citizens of Israel.

The Israeli Capital Market Authority is in charge of overseeing crypto exchange licensing. Therefore, the regulator voiced concern after not garnering a license application from Binance. In an attempt to clear the air, the authority interrogated Binance about the services it rendered to Israelis. The exchange further had to submit the licenses under which it operated, which was another serious worry.

Binance then dropped support for Israel’s fiat currency, the shekel as a payment option.

Further addressing the latest issue, the Capital Market Authority said.

“Following the intervention of the capital market, Binance has at this stage stopped marketing to Israelis and all activities focused on Israel until we examine the issue of licensing.”

Regulators in Italy, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore, and other countries have reacted negatively to Binance. Changpeng Zhao, the founder of Binance previously stated that the exchange would cooperate with local regulators. To further roll out services in different parts of the world. The most recent news, on the other hand, was unquestionably a big setback.

Binance onboards GBP once again

Right after the exchange’s fallout with the regulators in the UK, the exchange halted both deposits as well as withdrawals of GBP. Just yesterday, Binance decided to resume GBP deposits and withdrawals through bank transfer with Paysafe.

Only verified accounts would be able to employ this service. The exchange announced this on Twitter.