Compliance Updates

Israeli Supreme Court Passes Landmark Verdict on Crypto Exchanges

Published

5 months ago

June 6, 2019

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.

Related Topics:AML Anti-Money Laundering Bits of Gold Cryptocurrency Exchange Israel Leumi Bank Supreme Court of Israel

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Niji Narayan

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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Compliance Updates

FAS Finds Yandex Guilty of Advertising Gambling Companies

Published

17 mins ago

October 22, 2019

Niji Narayan

FAS Finds Yandex Guilty of Advertising Gambling Companies

Reading Time: 1 minute

Russia’s Federal Antimonopoly Service (FAS) has found Yandex guilty of advertising gambling companies. They are pushing a case which may end up in a €7k fine.

According to FAS, betting ads were showed in Yandex’s searches. That is why it ordered the company to rectify the violation. The body also submitted materials and will open an administrative case.

The FAS is having a Department for Control over Advertising and Unfair Competition to find illegal betting ads in Russia.

Central Europe

Overview of Changes to the Gambling Law in Poland

Published

1 day ago

October 21, 2019

Niji Narayan

Overview of Changes to the Gambling Law in Poland

Photo Source: medicalnewstoday.com

Reading Time: 1 minute

Poland’s Ministry of Finance has informed about an amendment to the regulation regarding lottery devices, gaming devices and slot machines, information security.

The Minister of Finance, Investment and Development has signed an ordinance amending the ordinance on lottery devices, gaming devices and slot machines, securing information regarding the organised lottery and obtaining, calculating and paying out winnings.

Pursuant to the provisions of the Gambling Act, only the minister competent for public finances decides whether playing on a given device is a game on slot machines within the meaning of the Gambling Act.

The opinion of the testing entity is only an attachment to the application for issuing the decision. This opinion must contain information that it serves only to issue a decision by the minister competent for public finance.

Thus, the opinion of the testing entity does not state the gambling or non-gambling nature of a given game and cannot be treated as a settlement in this respect.

Compliance Updates

DC Judge Refuses to Halt DC Lottery’s Controversial Deal with Intralot

Published

1 day ago

October 21, 2019

Niji Narayan

DC Judge Refuses to Halt DC Lottery’s Controversial Deal with Intralot

Reading Time: 1 minute

DC Superior Court Judge John Campbell has refused to halt the DC Lottery’s controversial deal with tech provider Intralot.

Last month, a different DC judge issued a temporary restraining order on Intralot’s deal based on a request by DC resident Dylan Carragher, a software developer who filed a lawsuit to force DC to hold a competitive tender for the betting contract.

Judge Campbell justified his refusal to honour Carragher’s injunction request by saying he did not think Carragher’s lawsuit will succeed. Campbell added that “it clearly and unquestionably was within the Council’s authority” to waive the competitive bidding requirement. Carragher has already indicated that he will appeal Campbell’s ruling, so the action now shifts to the DC Court of Appeals.