Bitin shut down by Israeli regulator, hit with $460k fine

The Israeli financial market regulator has closed the crypto exchange bit to offer cryptographic trading services without the required license, strengthening the country’s regulatory position on cryptographic companies.

The Israeli Capital, Insurance and Savings Markets Authority has closed the Bitin to operate without the necessary license, as originally reported by financial magnates. Bitin was also sentenced to a fine of around $ 460,000, and all crypto trading services on the platform have now been interrupted.

The exchange operator was previously denied A license in 2022 due to a criminal conviction linked to tax offenses. Despite this, he proceeded to offer crypto trading services. Interestingly, the footer on the stock market website stipulates that “this site does not provide financial services”.

Bittin’s judgment and the imposition of a fine of $ 460,000 highlight the commitment of Israel to ensure that all cryptography service providers operate in the legal framework established by the CMIS.

Following the implementation of anti-flowage regulations in November 2021, CMSA began to issue licenses to cryptographic companies that met its requirements. In September 2022, Hybrid Bridge Holdings Ltd. has become the first private company in receive such a license.

CMISA has actively applied these license requirements by taking measures against unauthorized operations. In particular, the authority Binance studied In February 2023 for having allegedly resumed operations in Israel without the necessary license.