Israeli Major Bank Seeks Approval for Crypto Trading Services

Crypto Trading Services

Israel’s Bank Leumi has announced that it will introduce the trading of cryptocurrencies once the request gets approval from the regulators. 

The second-largest bank in Israel will support the trading and holding of Bitcoin and Ethereum with the minimum tradable value of 50 shekels, equivalent to $15.

The bank’s digital platform, Pepper Invest, will receive tax on all transactions on the offering, which is implemented in partnership with Paxos. The financial institution will be the first in the region to offer the service.

The Israeli government has halted cryptocurrency operations in the past, having asked Binance to stop its activities in the jurisdiction. The western Asian country has also been keen to crack down on the illegal use of cryptocurrencies, having seized 12 addresses belonging to terrorist groups.

The Australian-based Commonwealth Bank announced last year that it would support the trading of cryptocurrencies among its customers as the interest in such features rises among banks. 

Source: Reuters

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