Cryptocurrency Exchange Emerged Victorious in Israeli Supreme Court Ruling
By Luke Flowers – Cryptocurrency Broker
On June 3rd, according to a report by Finance Magnates, the Israel Supreme Court ruled in favour of cryptocurrency exchange Bits of Gold appeal as their account with Bank Leumi cannot be blocked due to concerns of regulation. The exchange should be able to provide services to buy and sell cryptocurrency yet despite the ruling, the Leumi bank still stands against Bits of Gold.
It’s also reported that this enables Israeli cryptocurrency firms to use conventional banking legally in the region to provide services for buying and selling Bitcoin. Previously in 2017 however, the Supreme Court in a separate case by Leumi, ruled against Bits of Gold on the accounts that Bitcoin transactions couldn’t adhere to the state’s laws of anti-money laundering (AML).
Later in 2018, the Israeli Supreme Court ruled against Leumi in which it couldn’t block account transactions due to them going to BTC exchanges. The bank then classified cryptocurrency firms as gambling companies and ceased business with them making it difficult for these to continue to provide services to buy and sell Bitcoin. Apart from that, Judge Anat Baron temporarily issued a court order that prevents Leumi from blocking Bits of Gold’s bank account.
Judge Baron later said that since there wasn’t any indication of AML violations involving exchange transactions over the last five years, there were no more grounds to block Bits of Gold’s account. Baron did note, however, that despite the court’s order, it didn’t prevent the bank from criticizing the behavior of the exchange or even adhering to their risk management policy.
Then in March 2019, the final recommendations for cryptocurrency regulations were issued by the Israeli Securities Authority. This provides greater insight and guidance on regulating these firms.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
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For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
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