Israeli banks should not deny their services to crypto companies

According to the statements offered by the Attorney General of Israel, Avichai Mandelblit, to the Tel Aviv District Court, credit institutions in the region should not deny their services to companies that are related to cryptocurrencies. They  should examine each case to detect indicators of money laundering risks or other illegal financial practices.

By 2019, several Israeli banks froze customer accounts that made transactions in cryptocurrencies, something that caused discomfort in some investors who could not pay their taxes because the banks did not accept their deposits.

The same year an investor sued the Israeli bank Hapoalim for almost USD 23 million was accused of refusing to accept deposits of the profits obtained through bitcoin.

It is presumed that Mandelblit’s position is based on the recommendations of an interministerial team headed by the Deputy Attorney General of the Department of Civil Law, Erez Kaminitz, plus several state agencies and departments such as the Ministry of Justice, the Prohibition Authority of Money Laundering and Terrorism Financing of Israel, the Capital Markets, Insurance and Savings Authority of Israel, among others.

K. Villarroel

Source: cointelegraph