Israeli Bitcoin Company Sues All Banks in the Country

A crypto exchange in Israel sues banks after the refusal to open a bank account  
20 February 2018   987

Bitflash LTD was created in January. It was established to provide cryptocurrency trading services based in Acre. On Sunday, the company asked the Tel Aviv District Court to order all 11 banks in the country to open a bank account without credit for it. Bitflash believes that this refusal is in violation of the law and shows lack of good faith, as some of them manage similar accounts for competing companies.

According to the lawsuit, there is a concern that the banks have illegally incorporated as a cartel and unjustifiably prevent the opening of the account to the plaintiff.

However, the court ruled last year that a bank can refuse to work with a bitcoin exchange in the case of Bits of Gold vs. Leumi.

Since the company’s establishment, it approached a number of branches of each Israeli bank for the purpose of opening an account. But it received only refusals on the grounds that its business in cryptocurrencies is not to the liking of branch managers.

Through the company’s  attorney Alon Huberman it emphasized to the representatives of the banks that it has no need for credit, it needs only a current account that will allow the transfer of money from its clients inside Israel to its account.

Without a bank account, an Israeli exchange would not be able to legally receive fiat transfers from clients, effectively preventing it from starting operations.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   125

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.