To be unlicensed and unbeknownst, to be fined and forsaken—such is the fate of Bitin, as the Israeli financial markets regulator has seen fit to bestow upon it the dubious honor of a shutdown and a $460,000 fine. It seems the crypto exchange was offering trading services without the necessary permission, a rather grave faux pas in the eyes of the regulatory grandees.
The Israeli Capital Markets, Insurance, and Savings Authority (CMISA) has dealt the final blow, ensuring Bitin’s trading services are now as active as a stone. As reported by Finance Magnates, the exchange’s fate was sealed with the imposition of a substantial fine, a sum that could have bought a modest chateau in the south of France, or perhaps several seasons of the latest couture collections.
In 2022, the exchange’s operator was already denied a license due to a rather unsavory criminal conviction related to tax offenses. Yet, undeterred by this minor inconvenience, it continued to offer crypto trading services. Interestingly, the footer on Bitin’s website confidently proclaimed, “This site does not provide financial services,” a statement that seems to have been more aspirational than factual.
The shutdown and the accompanying fine highlight the Israeli authorities’ unwavering commitment to ensuring that all crypto service providers adhere to the legal framework. This is not a mere formality but a serious matter, as the CMISA has been actively enforcing these regulations since the implementation of anti-money laundering rules in November 2021.
In September 2022, Hybrid Bridge Holdings Ltd. became the first private company to receive a license, marking a significant step in the regulatory landscape. The CMISA has also not shied away from investigating other major players, including the global giant Binance, for alleged unlicensed operations in February 2023.
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2025-03-24 17:23