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Tel Aviv Court- Banks Can No Longer Close Crypto Miner’s Accounts

Israminers is a local cryptocurrency mining company which offers a fully hosted & managed mining services in Israel. Sixth largest Israeli Bank, The Union Bank of Israel, can no longer close the accounts of Israminers Ltd.

Tel Aviv court has announced that a bank can’t prohibit any customer involved in digital currencies from opening an account. Moreover, the Bank of Israel may refuse the company’s requests to deposit fiat money. This may happen only if it is coming from anonymous exchanges.

The judge at the Tel Aviv, Limor Bibi ruled,

I believe that the sweeping policy, which does not distinguish between different types of activity, scope of activity and different types of customers – in the field of digital currencies – is unreasonable.

However, adding to it further she also said

In these circumstances, I find the bank’s argument that, given that the ‘money trail’, as defined, in terms of sales in a trading arena to an unknown factor which knowledge of it haven’t been proven, creates risks of money laundering. As a result, I find the bank’s refusal to provide service with regard to the receipt of the money deposited in the account as reasonable.

The banking system of Israel had to be regularly warned on blocking crypto businesses and users without any justifiable reasons. One such example is the incident in May 2018. The same judge, forced the Bank to accept a transfer of funds which appeared from the sale of bitcoin. The person who could track the trading through documents right from the start to the end.  

Similarly, in February 2018, Bank Leumi was halting the account activity of the Bits of Gold Bitcoin Exchange. To which the Supreme court of Israel issued an injunction order.

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Israeli Banks Can No longer Close Crypto Miner's Accounts- Tel Aviv Court
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Israeli Banks Can No longer Close Crypto Miner's Accounts- Tel Aviv Court
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Tel Aviv court no more allows the Israeli banks to close the accounts of crypto miners. Get the detailed story about the Tel Aviv News.
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Oliver A

Oliver is a content marketer who is actively engaging with latest trends in the financial market. He is a writer by day ad a reader by night. Contact me at oliverzack87@gmail.com

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