The Supreme Court today issued a temporary injunction prohibiting Bank Leumi from halting the activity of the Bates of Gold account, which is connected to trading in Bitcoin. According to Bates of Gold: "In recent years, the company has been waging a struggle against Bank Leumi, which wanted to close its bank account, despite the firm and proper conduct of the company, just because it deals in the trade in Bitcoin and digital coins."
Bitts of Gold, whose office is located above the Bitcoin embassy in Tel Aviv, has been providing Bitcoin with sales and purchase services over the past five years. Bitcoin has fallen 16% in the last month and is currently traded at a price of $ 9,700, reflecting a market cap of $ 165 billion. On December 17, the Bitcoin reached a record price of more than $ 20,000. Since then, however, the digital currency has fallen by more than 50%.
Yuval Roash, CEO of Bates of Gold, said today: "The court's decision allows us to focus on continuing to establish the Crypto community in Israel. We were the first to establish rules for digital currency activity and the first to comply with these rules. We will continue to lead the field in order to give digital currencies the right place in the Israeli economy, as a tremendous growth engine for high-tech and the financial industry. "
In her decision, Judge Anat Baron states, among other things, that "the damages that may be caused to the Bank as long as the request is accepted are considered to be speculation at this time." The Bank's decision is based on the assumption that the Company's activity does indeed entail risks that arise in violation of the law, But for the past five years that the account has been operating, these fears have not materialized - as the District Court has determined, according to which the company acted transparently and did not violate any provision of law. "
Judge Baron adds that "this order does not impair the right of the Bank to examine individually any action taken in the account or to carry out its own actions concerning minimizing the risks which it believes are reflected in the commercial activity of the Company. (Bits of Gold) is obligated to cooperate with the Bank and comply with its instructions.The temporary order is conditional upon the applicant acting as an autonomous bank guarantee in the amount of NIS 200,000, to compensate the Bank for damage caused to him as a result of the order.