The Supreme Court in Israel has ruled that local cryptocurrency exchange Bits of Gold was in the right in a legal battle between the company and an Israeli bank over the rights to maintain access to banking services.
As reported by CoinDesk, the decision that arrived yesterday resulted in an order for Bank Leumi to resume access of its services to Bits of Gold. Earlier, the bank had barred the accounts of the exchange, deeming crypto-related businesses as gambling companies.
A few months ago in February, the Supreme Court had made a temporary injunction, so the firm was in fact still able to use the bank’s services since then, although now this legal victory will mean that it can operate freely and permanently.
Bits of Gold CEO Yuval Roash welcomed the decision and called it an “exciting moment” for the exchange:
“We worked hard to set up a company, which met regulatory requirements, in a new industry, and those efforts paid off. I am proud to be a part of this flourishing industry and push it towards the right regulation”.
This event will be seen as a watershed moment in Israel for the recognition of cryptocurrency enterprise. Just last week, the Middle Eastern nation had declared that Bitcoin and other crypto were assets, and not currency.
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