Binance faces scrutiny from Israeli regulators, suspends services

Binance, one of the top crypto exchanges, has now suspended its services in Israel following an ongoing regulatory probe by the country’s financial regulator ‘Capital Markets Authority.’

The regulator has asked Binance to provide relevant information on its licensing details and types of operations in the country, local news media Globes reported Thursday. Per the report, Binance has not applied for a license to operate crypto services in the country. As the regulatory probe continues, the exchange has halted its services in the Israeli market.

“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,” the Capital Market Authority said.

As of now, the crypto exchange has removed support in the Hebrew language and trading via Israel’s local currency ‘shekel.’ The report estimated that approximately 200,000 Israelis used Binance to buy, sell, and hold cryptocurrencies.

Israel has become the latest country where Binance has suspended its services following regulatory scrutiny. Countries, including the United Kingdom, Thailand, Japan, Singapore, Malaysia, and several others have barred Binance from operating within their borders.

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