The world's largest crypto exchange Binance has reportedly been urged to stop operating in Israel after pressure from regulators.
Binance has been making partnership deals all across the globe, and earning business licenses to operate within several countries. However, there are still hurdles that the crypto exchange has to overcome in some regions.
Based on a report by an Israeli business newspaper Globes, Binance has been urged to "stop marketing to Israelis" by the Capital Market, Insurance and Savings Authority:
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"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 regulatory authority argued that Binance has yet to provide any information regarding its services in Israel, and allegedly has not been licensed to operate within the region. This forced Binance to stop all activities in Israel until further notice.
While Israel has been quite open to cryptocurrencies and the development of blockchain technologies within the country, Binance seems to be on the chopping block when it comes to the region in the Middle East. In fact, the crypto exchange has already removed payments with shekels for cryptocurrencies.
Despite the issues with Israel, Binance has successfully earned its keep in several other countries by earning business licenses in Canada and Bahrain.