Israminers LTD, a mining company in Israel has seen a district court judge in Tel Aviv once again dismiss the actions of Israel Union Bank who attempted to close their account.
Limor Bibi, a female judge, ruled that it is unreasonable for Union Bank, Israel’s sixth-largest bank, to completely ban the opening of accounts for any customers using digital currency. The judge claimed the bank was too “broad” in its criticism of the group and their actions illegitimate.
However, the judge also said that if a crypto company is using fiat currency in violation of the bank’s anti-money laundering (AML) and KYC legal requirements, the bank has the right to refuse the customer’s request to deposit the legal currency.
This is not the first instance of Israel Union bank closing accounts linked to bitcoin companies. In May 2018, Bank Hapoalim, Israel’s largest bank, was forced by a judge of the Tel Aviv District Court to stop closing accounts associated with cryptocurrency users.Earlier in March, the Israel Securities Authority [ISA] produced its last report on cryptocurrency regulation. The framework was created to bolster the crypto sector and secure the rights of the crypto investor.There appeared to be an acceptance that crypto was here to stay and the report also clarified their stance on crypto assets, stating they would find a regulatory framework soon.
The ruling gives a strong protection to crypto businesses in Israel and may set a precedent across the globe. For too long countries and banks in particular have held the bitcoin world with scepticism and down right discrimination. Yet, if Judges continue to see the illegitimacy of these actions and more banks like JP Morgan start to have their own foot in the market, things will eventually change.
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