Thursday, October 6, 2022
HomeAltcoinsCrypto Exchange Binance stops its functioning following licensing issue

Crypto Exchange Binance stops its functioning following licensing issue

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 licences under which it operates.

Companies that provide cryptocurrency services in Israel must obtain a licence. 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.

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 licence.

In addition, on the request of law enforcement, the bitcoin exchange blocked 281 Nigerian accounts in January. This week, the Securities and Exchange Commission (SEC) in the United States appears to be looking into Binance’s U.S. affiliate.

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.

It’s a wrap for this story.

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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