Israeli regulator closed the cryptocurrency exchange Bitin and fined it $460,000

The Israeli Financial Supervision Authority ordered the immediate closure of the cryptocurrency exchange Bitin, as it operates in the country without a license. In addition, the platform operator faces a financial penalty of approximately 1.7 million shekels ($460,000).

The decision regarding Bitin was made by the commissioner for capital markets, insurance, and savings Amit Gal. Although the Bitin website continues to operate, Financial Tycoons confirmed that the services for buying and selling cryptocurrency on its platform have ceased.

As seen on the website, Bitin offered services for buying and selling many cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, USDT, and USDC. The company even claimed that its clients would "get the best prices in Israel for buying Bitcoin and other virtual currencies."