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   908

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 Bitcoin.com

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.

Binance to Change Launchpad IEO Rules

Binance is going to implement the lottery format for the next tokensale campaign
25 March 2019   10

Binance announced a change in the format of the next tokensale on the Launchpad platform to a lottery. At the same time, the number of lottery tickets per account will depend on the size of the steak in the BNB for 20 days before IEO.

Note that one account can get up to 5 lottery tickets. Winners will be selected by randomizer.

BNB Balance to Lottery Tickets Ratio
BNB Balance to Lottery Tickets Ratio

It is noteworthy that within 20 days before the lottery, the BNB-deposit snapshot will be carried out daily at 0:00 UTC to monitor the fulfillment of the conditions.

Each winning ticket will grant the right to purchase tokens for a fixed amount in BNB equivalent. As soon as the user informs the exchange that he is ready to use a certain number of tickets in case of their winnings, this obliges him to purchase tokens and the money will be debited automatically.

Binance acknowledged that the price of BNB may fluctuate due to daily snapshots, and its potential decline may not be covered by the benefit from the new token, and encouraged users to make informed decisions.

In addition, Changpeng Zhao urged the community to comment on the new format in a separate Twitter thread in order to make the necessary feedback-based changes, if needed.

During the Celer Network tokensale on the Launchpad platform again had bandwidth problems; many people did not manage to purchase tokens.