After two years of legal battles, The Supreme Court ruled for a crypto exchange

Mandoy

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Quote from: jonathan6655321 on June 04, 2019, 03:12:22 PM

Great News!

A huge victory for the crypto community.
After two years of legal battles, the Supreme Court ruled last night that Bits of Gold will continue to hold an account at Bank Leumi (One of the largest banks in Israel)

Source

This is a good news for Isralei cryptocurrency users. Bits of Gold a major Israeli cryptocurrency exchange has finally won the case and can continue to hold an account at the Bank Leumi. This is not a great news for Israeli but to all cryptocurrency community. This might just be simple but it has a huge impact on the cryptocurrency market. This kind of news gives inspiration to all cryptocurrency enthusiasts and I just hope that this will open the gateway for more Israeli to apreciate cryptocurrency.

Eugenar

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Quote from: Astvile on June 04, 2019, 11:49:58 PM

What a great news for the crypto community of Israel,and the owner itself,Its a good start for the exchange that they have approval from the bank this exchange will surely get attention after this and will become a bigger exchange compared to what is it now.

Eventually we can perceive the community and acceptance of bitcoin and cryptocurrency will be huge following the positive news and updates concerning adoption of big entities or country. Basically, the banks are being threatening before, but right now, as cryptocurrency already proven its worth, banks have no way to outrun or disregard crypto, so they will going to make their way to associate their business to it as it is the only way to keep track of the growing technology of blockchain

AjithBtc

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This is a step forward in the cryptocurrency adoption around the globe. From my understanding Israel has already added bitcoin to the list of taxable commodities similar to gold. To what extent this getting effectiveness in functioning is unknown. Now an account for a cryptocurrency exchange after a hard legal fight is truly a success when there is not much of support for Cryptocurrency on most places.

Ryan Dugan

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Quote from: kanayaTabitha on June 06, 2019, 03:57:21 PM

Quote from: hatshepsut93 on June 06, 2019, 12:52:42 PM

Nice, people often depict ALL governments as power-hungry tyrannies that want to ban everything, but this is an example that governments not always act like that. Bitcoin is not illegal by default, even if some criminals use it.

By the way, here's an article that explains the situation: https://www.coindesk.com/crypto-exchange-bits-of-gold-wins-supreme-court-battle-over-bank-block

The bank didn't want to provide their services to a crypto company, because they have labeled crypto as "gambling".

indeed some banks refer to crypto as gambling and very high risk. but in my opinion it's just a political game and it's true in some countries that crypto has been legalized. this situation has no effect on the price of bitcoin because the bull will still run

It is all about money and always will be. Banks like the stability of knowing if they loan more then they pay interest they are in the green as far as profits are concerned. it is tried and tested throughout time. Now that we do not need the bank to protect your funds they have found themselves in a difficult position that gets more and more difficult. They not sweating yet but it would be interesting to see just how much crypto has affected the banking system and the profits that go along with it.

suzanne5223

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Quote from: gentlemand on June 06, 2019, 12:56:09 PM

In most places banking is entirely discretionary. Banks can choose who they do and don't do business with. Is it different in Israel?

Something can be perfectly legal and still be shunned by banks.

Hmm. You're definitely right for the institutions can be tricky sometimes but the last time i checked Israeli is a country full of people that usually fight for their right. What I'm trying to say is that if the banks there indeed play some shun trick behind screen the cryptoneir in Israel we protest.

blackhawkeye1912

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Israel is one of the countries that has the fire power, with that it doesn't want to be left behind with any technology being created and discovered like blockchain technology. This is surely one point towards mainstream adoption. As long as rich ountries around the world is not banning bitcoin and other cryptocurrency, blockchain technology is very much alive to flourish and function at full capability.

TimeTeller

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Quote from: kanayaTabitha on June 06, 2019, 03:57:21 PM

Quote from: hatshepsut93 on June 06, 2019, 12:52:42 PM

Nice, people often depict ALL governments as power-hungry tyrannies that want to ban everything, but this is an example that governments not always act like that. Bitcoin is not illegal by default, even if some criminals use it.

By the way, here's an article that explains the situation: https://www.coindesk.com/crypto-exchange-bits-of-gold-wins-supreme-court-battle-over-bank-block

The bank didn't want to provide their services to a crypto company, because they have labeled crypto as "gambling".

indeed some banks refer to crypto as gambling and very high risk. but in my opinion it's just a political game and it's true in some countries that crypto has been legalized. this situation has no effect on the price of bitcoin because the bull will still run

Political game because banks can see that crypto is addressing their shortcomings.
And if more and more people will come to know the benefits of utilizing crypto, sooner or later, their clients in some services will transfer to crypto services.
Remittance alone gives utmost benefits to consumers as the charging fees are very minimal when you deal with crypto.
We are not talking the speed yet. So yes, banks can see that they have competition in this market.

kanayaTabitha

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Quote from: hatshepsut93 on June 06, 2019, 12:52:42 PM

Nice, people often depict ALL governments as power-hungry tyrannies that want to ban everything, but this is an example that governments not always act like that. Bitcoin is not illegal by default, even if some criminals use it.

By the way, here's an article that explains the situation: https://www.coindesk.com/crypto-exchange-bits-of-gold-wins-supreme-court-battle-over-bank-block

The bank didn't want to provide their services to a crypto company, because they have labeled crypto as "gambling".

indeed some banks refer to crypto as gambling and very high risk. but in my opinion it's just a political game and it's true in some countries that crypto has been legalized. this situation has no effect on the price of bitcoin because the bull will still run

Lanatsa

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Quote from: jonathan6655321 on June 04, 2019, 03:12:22 PM

Great News!

A huge victory for the crypto community.
After two years of legal battles, the Supreme Court ruled last night that Bits of Gold will continue to hold an account at Bank Leumi (One of the largest banks in Israel)

Source

Expected for things to happen and SC shows transparency and credibility with its decisions yet Crypto isn't fully illegal on
Israel which means the crypto exchange itself would really have that fight and its a good thing that the decision is fully
considerable.

nicecrypto

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Slowly but surely crypto is gradually gaining ground, more recognitions are coming to crypto and the community, this is most certainly a very positive news to the crypto space, having to Supreme Court to give a legal approval to this exchange really means a lot, i hope crypto community can experience more legal of all crypto related endeavor.

bitcoindusts

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Quote from: Astvile on June 04, 2019, 11:49:58 PM

What a great news for the crypto community of Israel,and the owner itself,Its a good start for the exchange that they have approval from the bank this exchange will surely get attention after this and will become a bigger exchange compared to what is it now.

Its not only that, knowing that it owns an account in the bank will also mean stability and will gain more trusts from investors. It will be the beginning to a more stable and mass adoption of cryptocurrency. The PM must have perceived the future through crypto.

kryptqnick

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I think it would be nice if the op could add some more details about the company and the legal battle that occurred for 2 years. Honestly, this is the first time I hear about all this. As I can see, this is basically a fiat-crypto exchange that had a bank account in Israel, but there were struggles with keeping it operating. Ruling in favor of a crypto company is great news, of course, but I am not sure how much impact it will really have in the future. I guess it will help other decent companies to have bank accounts while offering crypto-related services, but I don't think it will extend outside of Israel.

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Quote from: Slow death on June 06, 2019, 01:08:57 PM

As far as I can tell, it is not illegal to buy bitcoin in Israel because it has no laws on cryptos yet. then this crypto exchange was expected to win this case.

I disagree. There is no guarantee that the Supreme Court would award the decision in favor of crypto just because there are no laws against it which is why this is a big win indeed.

For example, the Supreme Court of India continues to delay the crypto ban related case even though there are no strict laws against it apart from an RBI issued ban which majority of the crypto community don't care about anyway.

BL46K 7193R

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Wow, it's good news for the crypto community. The Supreme Court has accepted the cryptocurrency. Actually it is astonishing that the Supreme Court accepted the cryptocurrency. Hopefully the cryptocurrency will now be more receptive to everyone. The scope of the cryptocurrency and now it will increase.

Slow death

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Quote from: jonathan6655321 on June 04, 2019, 03:12:22 PM

Great News!

A huge victory for the crypto community.
After two years of legal battles, the Supreme Court ruled last night that Bits of Gold will continue to hold an account at Bank Leumi (One of the largest banks in Israel)

Source

this is the problem of banks wanting to override the law or lack of law. As far as I can tell, it is not illegal to buy bitcoin in Israel because it has no laws on cryptos yet. then this crypto exchange was expected to win this case.

gentlemand

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In most places banking is entirely discretionary. Banks can choose who they do and don't do business with. Is it different in Israel?

Something can be perfectly legal and still be shunned by banks.

hatshepsut93

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Nice, people often depict ALL governments as power-hungry tyrannies that want to ban everything, but this is an example that governments not always act like that. Bitcoin is not illegal by default, even if some criminals use it.

By the way, here's an article that explains the situation: https://www.coindesk.com/crypto-exchange-bits-of-gold-wins-supreme-court-battle-over-bank-block

The bank didn't want to provide their services to a crypto company, because they have labeled crypto as "gambling".

MakeMoneyBtc

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I think the court has realized people are going to use cryptocurrencies anyways regardless if they have a legalized exchange or not and there is no much they can do to stop them so it's better to keep this exchange opened. After all they avoided etra problems that would have been caused by people buying crypto illegally and they are also going to receive taxes from that exchange so for now it's a win-win situation.

dothebeats

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Knowing that Israel has been in hot waters lately for its bad relations with US and other European countries, alongside the confiscation of thousand of BTCs in the said country due to money laundering concerns, I think it's about high time that the country open its first exchange just to shit on the US sanctions for the said country. Perhaps the Supreme Court alongside the banks have finally realized that the benefits of having their own cryptocurrency exchange outweigh the negative effects of it, and so the go signal for their first ever crypto exchange.

Rufsilf

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Quote from: CryptoBry on June 05, 2019, 12:11:00 AM

Quote from: jonathan6655321 on June 04, 2019, 03:12:22 PM

Great News! A huge victory for the crypto community.
After two years of legal battles, the Supreme Court ruled last night that Bits of Gold will continue to hold an account at Bank Leumi (One of the largest banks in Israel)

Good news for Bits of Gold and of course this can have positive ripple effects in the cryptocurrency community of Israel (which is booming and has a good future ahead). Bits of Gold offers buying and selling services of Bitcoin and Ethereum in exchange for ILS, USD and EUR via bank transfers, cash and credit cards, that is having a good bank account to connect it to the traditional financial system can be so critical. I am sure this ruling can be a watershed in the crypto history in the country.

Indeed, this will have a good impact in cryptocurrency and this will also increase crypto's adoption. I think the Supreme Court of Israel knows how good cryptocurrency that is why they came up with the decision. Hopefully, this will also be one factor for other countries to support crypo and consider it.

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