Israeli Bitcoin Association going to court against local banks

Posted 20 August, 2019

The cryptocurrency community in Israel is growing hot over the policy of local banks which refuse to open accounts for deposits received from cryptocurrency trading.

The Bitcoin Association of Israel acting on behalf of the local crypto community wants the banks to unveil their policy in this area via the court case. The Association reportedly required that all banks in the country must make public the corresponding information in line with the Freedom of Information Law. The complaint was submitted to the district court of Jerusalem.

The legal advisor of the Association commented that banks must report to Israel's Central Bank about the reasons behind the decision to reject transactions in line with the Banking Law. As a result, the Association asked the Central Bank to provide the information about the policy followed by the local banks but the request was rejected. In this situation, the Association had nothing to do but ask the court to order the Central Bank to provide the required data.

It was mentioned that local banks refused to open accounts not only to individuals but even the Association, though that latter is non-commercial organization and does not deal with crypto trading.

Some market insiders believe that local banks are concerned about money laundering and terrorist funding risks. At the same time, local investors cannot pay taxes.

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