Media: Bitcoin exchange Binance has suspended operations.

The Israel Capital Markets Authority has reached out to the Binance cryptocurrency exchange for clarification regarding services provided in the country and obtaining licenses. Reported by Globes.

The regulator noted that the exchange, unlike other companies in the industry, did not apply for approval.

About 200,000 Israelis used Binance, according to the Authority. Previously, the platform set up activities in Hebrew, aimed at investors from the country.

“At this stage, following the intervention of the Authority, Binance has ceased marketing to Israelis and all Israeli-focused activities while the licensing issue is being considered,” the regulator said.

A local community representative confirmed to CoinDesk that the exchange has removed support for Hebrew and the Israeli currency, the shekel, on the trading platform.

Throughout 2021, regulators in a number of countries, including the Netherlands, Italy, the UK, Poland, Japan, Thailand, Hong Kong, Singapore, and South Africa, issued warnings regarding Binance or took action against the exchange. The Ontario Securities Commission (OSC) in Canada warned about the company's lack of a license.

Against this background, the exchange decided to abandon the decentralized business model that raises the most questions from regulators. Changpeng Zhao, CEO of Binance, first named France as possible jurisdictions for hosting the headquarters, and then Singapore or the United Arab Emirates.

In December, the exchange withdrew its license application from the island-state regulator and received approval in principle to operate in Bahrain.

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