Israeli Supreme Court Protects Digital Currency Exchange: Crypto Exchange Should Not Be Banned Sweepingly

The Supreme Court of Israel intervened in a decision by an Israeli bank and ruled that it cannot extensively block the activity of the crypto stock exchange. The Court noted that the bank’s fears and attitudes toward the crypto industry were unfounded speculations. Supreme Court Justice Anat Baron stated that she accepted the request for appeal and ordered a temporary injunction pending a final decision.

“It seems that the damages that may be caused to the bank, as long as the request is accepted, are speculative at this time,” Judge Baron ruled. “The Bank’s decision is based on the assumption that the company’s activity does indeed entail risks that arise in violation of the provisions of the law, and therefore the bank is liable to pay the price for the materialization of those risks.”

After reviewing a petition filed by Bits of Gold, the crypto stock exchange, against Bank Leumi, the third largest bank in Israel, the Supreme Court of Israel ruled that the crypto exchange should not be banned sweepingly and that each request would be examined on an individual basis.

“The decision is vital to the entire crypto industry, and is a significant advance in the regulation of digital currency trading, Stox Co-founder Ophir Gertner. “I see the judge’s statement as an expression that the industry can no longer be ignored. I hope this is an opening for a thorough discussion of the various issues without fear.”

Stox, the blockchain-powered prediction markets platform, raised $33 million in 34 hours, reportedly making its ICO the seventh-largest of 2017. The platform also launched its risk-free beta version last week, named Sun Tzu in honor the Chinese general, military strategist, and philosopher who lived in the Eastern Zhou period of ancient China.

Bank Leumi added,

“The bank respects the court’s decision, but as long as no binding legal provisions are determined by the regulator and the relevant parties, the Bank will continue to manage the case until the temporary injunction is removed.”

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