Israel Exchange to Report Big Traders to Tax Authority

As reported, local exchange with over 50,000 clients has been convinced to report its bigger traders to the national tax authority
05 July 2018   552

The Tel Aviv exchange Bits of Gold agreed to report large customers to the Israeli tax administration. The company will transfer to the tax department information about all traders whose account movements for the 12-month period are 50 thousand dollars or more. This is reported by

Bits of Gold agreed to this step after the Israeli tax department conducted an audit of operations in the office of the exchange in search of information about the largest customers.

The Israeli stock exchanges are already obliged to report large transactions to the Israeli Anti-Money Laundering and Terrorist Financing Authority, but the tax authorities were not able to obtain this data so simply because of laws protecting the privacy of citizens. Moreover, according to the publication of Calcalist, the Israeli tax administration has no legal rights to force companies to report their clients without their consent, which is also supported by several judicial precedents.

In addition, according to Israeli media, this agreement with Bits of Gold is just the beginning, as the Israeli tax department now plans to do so that other local companies and exchanges conclude similar agreements. This is not the first initiative of the Israeli tax administration in the crypto-currency area.

In May, it became known that the regional departments of the tax department sent letters to those who, they assumed, traded cryptocurrency, demanding to talk about all their activities on the crypto market, including the entire history of transactions and current savings.

Pure Bit to Refund Investors' Money

Another cryptocurrency scam storu may have happy ending
15 November 2018   93

The founders of the South Korean exchange Pure Bit, who were suspected of stealing investors' money, announced the return of funds.

According to the local edition of BlockchainROK, representatives of the exchange have already partially returned the money to some users and pledged to return all other funds.

On November 4, the exchange team launched the ICO with the goal of collecting about $ 30 million to create a crypto exchange. However, on November 9, Pure Bit closed the site, said goodbye to its investors and removed everyone from the group in the KakaoTalk messenger. Also, the founders of the exchange withdrew funds from the account that was used for ICO.

According to CCN, one of the issues traced the Ethereum address of the exchange and asked Upbit to block the account and freeze the funds. Upbit fulfilled this request.

This is Pure Bit. First off, I would like to apologize to everyone that was affected by the ICO. Since November 5, I raked in 16,000 ETH and did not open a crypto exchange as promised. I kicked out everyone in our social media chat groups and disappeared without any message. I negatively affected investors in the project psychologically and financially. I made an unforgivable mistake that cannot be turned around, blinded by money. It has been less than a day and I have already started to suffer from guilt. Although it cannot be compared with the hardship faced by the investors, I also felt significant guilt. I sincerely apologize to all of the investors in the ICO who were affected by the operation.

CEO of Pure Bit

The founder of Pure Bit also notified that he would return ETH 16,000 to depositors without taking into account the payment of services to a third-party company that organized ICO.