Israeli Supreme Court Rules in Favor of Cryptocurrency Exchange in Bank Dispute
The Supreme Court of Israel has declared that Leumi Bank cannot block the cryptocurrency exchange Bits of Gold’s account on the grounds of regulatory concerns, according to a report by Finance Magnates on June 3.
Despite the Supreme Court’s ruling against Leumi, the bank reportedly maintains its stance against dealing with the exchange. The report notes, however, that this ruling sets precedent for Israeli cryptocurrency firms to legally use traditional banking services in the region.
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.
Posted Jun 4, 2019, 3:05 PM UTC