The Israeli regulator CMISA has demanded that the crypto exchange Bitin be blocked for operating without a license, imposing a fine of $460,000. Although the platform’s website remains active, trading operations on it have been suspended. Bitin, which offered trading in major cryptocurrencies and stablecoins, continued to operate after its license application was rejected in 2022 due to a criminal investigation against its operator.

The Bitin operator, known as the “Bitcoin King of Israel,” was previously arrested on suspicion of tax crimes and money laundering, but was later acquitted, although he was fined $4 million for reporting violations. This case highlights the tightening of crypto market regulation in Israel, where all crypto platforms are required to obtain a CMISA license.

In parallel with the tightening of control over cryptocurrencies, the Bank of Israel is actively developing a digital shekel (CBDC), which is planned to be accessible even to children. The regulator intends to use the experience of other central banks in launching a national digital currency.