Court Rules Bank Leumi Should Serve Crypto Exchange Bits of Gold
- This is the second time Israeli authorities have ruled in the exchange's favour
Cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Bits of Gold received a huge boost this Monday after the Israeli Supreme Court ruled it could continue using an account with Bank Leumi.
The cryptocurrency exchange had previously been unable to access its account after the bank had restricted access to it, citing regulatory concerns.
But after taking its case to the Supreme Court of Israeli, the bank will have to allow the exchange to use its services.
Though Bank Leumi continued to object in principle to the decision, it should mean that Israeli firms doing business in digital assets will be able to connect to local banking services.
“This is an exciting moment for us as a company and for the [cryptocurrency] community in general,” said Bits of Gold CEO Yuval Roash.
“We worked hard to set up a company which met regulatory requirements, in a new industry, and those efforts paid off. I am proud to be a part of this flourishing industry and push it towards the right Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.”
Deja Vu
This is not the first time that the Supreme Court has ruled in Bits of Gold's favor.
Back in February of 2018, the company was given the green light by the judicial authority to continue using banking services provided by Bank Leumi.
It is unclear as to why Bank Leumi reverted to refusing to do business with Bits of Gold, though it may be because the court’s ruling was only temporarily binding.
The dispute between the bank and cryptocurrency exchange arose after a crackdown on banks in Israel servicing gambling firms.
After Bank Leumi decided to classify cryptocurrency firms as gambling companies, it ceased doing business with Bits of Gold.
Cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Bits of Gold received a huge boost this Monday after the Israeli Supreme Court ruled it could continue using an account with Bank Leumi.
The cryptocurrency exchange had previously been unable to access its account after the bank had restricted access to it, citing regulatory concerns.
But after taking its case to the Supreme Court of Israeli, the bank will have to allow the exchange to use its services.
Though Bank Leumi continued to object in principle to the decision, it should mean that Israeli firms doing business in digital assets will be able to connect to local banking services.
“This is an exciting moment for us as a company and for the [cryptocurrency] community in general,” said Bits of Gold CEO Yuval Roash.
“We worked hard to set up a company which met regulatory requirements, in a new industry, and those efforts paid off. I am proud to be a part of this flourishing industry and push it towards the right Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.”
Deja Vu
This is not the first time that the Supreme Court has ruled in Bits of Gold's favor.
Back in February of 2018, the company was given the green light by the judicial authority to continue using banking services provided by Bank Leumi.
It is unclear as to why Bank Leumi reverted to refusing to do business with Bits of Gold, though it may be because the court’s ruling was only temporarily binding.
The dispute between the bank and cryptocurrency exchange arose after a crackdown on banks in Israel servicing gambling firms.
After Bank Leumi decided to classify cryptocurrency firms as gambling companies, it ceased doing business with Bits of Gold.