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Israeli Crypto Mining Company Sues Bank For Suspending Its Account

Today, an Israeli cryptocurrency mining company has filed a lawsuit against a national bank because they suspended their account three months after being opened with no explanation whatsoever. This lead to the mining company to be unable to purchase new hardware and make maintenance in their actual hardware due to the bank also froze their funds, only returning them 30 days after the suspension.
The mining company, called Israminers decided to file that lawsuit due to the damages that the action taken by the bank caused upon them. It was also known that the court where they filed the lawsuit already announced that the bank must reactivate the account and give the money back to the mining company while the trial takes effect. Sadly this is not the first time that a situation like this goes to court. Last year also an Israeli Bitcoin services company had to fight for its right to open and use national bank accounts to manage its funds. The court failed in its favor and they could operate without issues.
These kinds of feuds are not uncommon for mining and cryptocurrency exchanges all around the world. Last month, two Chilean exchanges also experienced the same difficulties with banks in their country, as we reported here. They had no option but to take their cases to court, and luckily, the courts failed in their favor. Also, Prasos, the biggest Finnish cryptocurrency exchange had issues because four of its five bank accounts were closed without explanation, affecting its operations significantly.
These kinds of incidents will keep happening from time to time in countries with lagging regulation, as long as cryptocurrency exchanges are not recognized as officially registered businesses. There is a need for clear regulation to avoid things like that from affecting exchanges, as we have explained earlier in several articles that also touched this subject.

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