Israel’ CMA raises questions against Binance’ operations without crypto license
Binance exchange is under scrutiny issues raised by the crypto companies regulatory agency of Israel.
Binance is a popular exchange. This exchange is known for its global level Pro crypto services. Due to its better services, the exchange is standing at the first rank in terms of the highest 24 hours trading volume. This exchange has hand in almost every type of crypto & blockchain-related growth and development work.
On 17 February, local news Israeli media outlet Globes published a report and confirmed that Binance is currently under some scrutiny issues raised by Israel’s Capital Market Authority.
As Capital Market Authority is responsible to issue the crypto licenses to the crypto companies in Israel, so agency reportedly raised a question on the crypto offerings by Crypto exchange Binance, because it is operating its services without any license and also had not applied for any kind of crypto license application with the government agency.
Ben Samocha, the owner of Israel’s crypto news media platform cryptojungle, noted that the Binance exchange is really under some significant pressure because the exchange removed its Hebrew language support from the exchange and also delisted the Israeli shekel for credit card purchases.
According to news media Globes, Binance currently holds approximately 200,000 Israeli users, which are trading on exchange with cryptocurrencies.
All these things are not in the offical domain but the news comes through news outlets, where no official stated on this matter officially. But the action and activities on these things by Binance is hinting that Binance is ready against the worst situation in advance.
Last year, Binance faced scrutiny issues by multiple countries’ regulators. In particular, UK’ FCA claimed that Binance exchange is operating its services under full control on the Binance subsidiary in the UK but the later investigation found that Binance and Binance’ subsidiary in the UK are independent, perhaps regulators noted that they failed to do that level of investigation against Binance, which were necessary because of lack of communication between exchange and government agency.
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