Israel: Bitcoin Exchange Bits of Gold to Share Data with Israeli Tax Authorities to Prevent Money Laundering

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July 8 2018

As stated under the terms of the agreement, the Tel Aviv-based Bits of Gold will provide transactional data of customers, making more than ILS 1,81,902 ($50,000) in a 12-month period, to Israel’s Money Laundering and Terror Financing Prohibition Authority (IMPA).

The report added local tax authorities might not be given access to customer data as strict privacy laws are in place for Israeli citizens. While Bits of Gold may not be popular in foreign markets, it has over 50,000 users in Israel and offers same-day bank wire, low-fee trading, and a self-branded Bitcoin ATM for customers.