Israel’s Bank Leumi to Enable Crypto Trading: Report

Israel’s Bank Leumi to Enable Crypto Trading: Report

Israel's Bank Leumi to Enable Crypto Trading: Report

One of the largest banks in Israel Bank Leumi (LUMI) will start to offer crypto trading through its digital platform Pepper Invest, according to a Reuters report on Thursday.

  • Bank Leumi is offering this service in partnership with New York-based custody and trading platform Paxos and will be the first bank in Israel to offer crypto trading services to its clients.
  • Customers will be able to buy, hold and sell bitcoin (BTC) and ether (ETH) initially in transactions starting from 50 shekels ($15.49).
  • No start date has been provided as of now and the move is subject to regulatory approval.
  • “Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities,” the report said, citing a statement.
  • Leumi and Paxos did not immediately respond to CoinDesk’s request for comment.

Read more: Bank of Israel Publishes Draft Guidelines for Crypto Deposits

UPDATE (Mar. 25, 09:43 UTC): Adds the ‘request for comment’ disclosure in last bullet.

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