Leumi Bank Can't Stop Service Bits of Gold Exchange

This decision was made by the The Supreme Court of Israel
27 February 2018   96

The Supreme Court of Israel released a temporary injunction order forbidding Bank Leumi from sweepingly halting the account activity of the Bits of Gold bitcoin exchange. This is reported by News Bitcoin Com.

The court’s decision enables us to focus on continuing to establish the crypto community in Israel, and we will continue to lead the field in order to give digital coins the place which they deserve in the Israeli economy – as a tremendous growth engine for hi-tech and the financial industry.

Yuval Roash

CEO, Bits of Gold 

This decision is temporary, which will be effective for the period of consideration of the case in the appellate instance. Bits of Gold is a client of Leumi Bank since 2014, but in 2015 the bank decided to stop the account maintenance despite the absence of violations by the company. The bank called the reason for its decision the increased risks associated with operations with crypto-currencies.

The bank respects the decion of the court. However, as long as the matter is not regulated by orderly regulatory directives, the bank’s exposure to the client’s activity in bitcoin will be valid – and not only towards the regulators in Israel who are obligated to respect the decisions of the Supreme Court, but also towards foreign regulators who do not consider themselves bound by the decisions of Israeli law. Therefore, 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.

Bank Leumi

This is a big victory for the Israeli cryptocurrency community and a precedent-setting event.

Web Traffic for Major Exchanges to Decrease Double

Estimates of the total number of visits to the trading sites based on web traffic show a sharp decline
23 March 2018   63

After the peak of attendance of crypto exchanges, which occurred in December-January, in February, users began to visit them twice more rarely. The same level of attendance was observed in November 2017. This is reported by Bitcoin.com with reference to the data of the Similarweb service.

So, if in December, 169.5 million visits were recorded at the Coinbase, and in January -123.5 million, in February their number fell by 49% to 63.1 million.

Coinbase Traffic
Coinbase Traffic

The indicator of Binance sank by 54%: from 191.5 million to 87.3 million visits.

Binance Traffic
Binance Traffic

Bitfinex had a 48% decrease from 35.4 million in January to 18.1 million in February, although back in December the exchange had 59.3 million user visits.

Bitfinex Traffic
Bitfinex Traffic

Kraken lost more than a half of its traffic for one month - 31.7 million visits in January dropped 13.8 million in February.

Kraken Traffic
Kraken Traffic

According to experts, the decrease in attendance is due to a decline in activity in the crypto-currency market in early 2018. In addition, traffic data on exchange sites may be associated with a general decrease in the number of transactions in the bitcoin network.