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Compliance Updates

Israeli Supreme Court Passes Landmark Verdict on Crypto Exchanges

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Israeli Supreme Court Passes Landmark Verdict on Crypto Exchanges
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The Supreme Court of Israel has ruled that Leumi Bank cannot freeze the cryptocurrency exchange Bits of Gold’s account because of regulatory concerns.

The bank, in spite of the court ruling , still maintains its stance against dealing with the exchange. However, the ruling sets precedent for Israeli cryptocurrency firms to legally use traditional banking services in the region.

This history of the landmark goes like this:

In 2017, the Israeli Supreme Court previously ruled in favor of Leumi in a separate case against Bits of Gold, in which the bank restricted the exchange’s account on the grounds that bitcoin (BTC) transactions could not comply with the country’s anti-money laundering (AML) laws.

In 2018, however, the Israeli Supreme Court ruled that Leumi Bank could not block account transactions on the grounds that they went to BTC exchanges, purportedly “websites that execute gambling transactions.” Further, Judge Anat Baron issued a court order temporarily barring Leumi from blocking Bits of Gold’s bank account.

Judge Baron commented that since there was no indication of any AML violations over five years of exchange transactions, there are not any grounds to continue blocking Bits of Gold’s account. Baron noted, however, that the decision to issue the court order did not prevent the bank from scrutinizing the exchange’s behavior or complying with their risk management policy.

In March 2019, the Israeli Securities Authority issued its final recommendations for cryptocurrency regulations. The report includes several ideas for how to support the cryptocurrency space in the country, including the establishment of a regulatory sandbox.

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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