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 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.

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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.

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“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.”

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.

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