Israeli Bitcoin Company Sues Banks for Refusing to Open Accounts for It
IsraelDefense
| 21/02/2018
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Bitflash, an Israeli company that provides digital currency trading services, has asked the Tel Aviv District Court on Sunday to order all 11 banks in the country to open a current account without credit for it, according to the Bitcoin.com website.
The company claims that the banks’ refusal to open an account for it is in violation of the law and shows lack of good faith, as some of them manage similar accounts for competing companies. According to the report, the lawsuit also raises a concern that the banks have illegally incorporated as a cartel and unjustifiably prevented the opening of the account, thus thwarting the company's activity and causing it financial damages.
In a similar case last year, Bits of Gold vs. Leumi, the Tel Aviv District Court ruled that a bank can refuse to work with a bitcoin exchange. The report suggests that by focusing on the issue of the banks operating as a cartel, the company might persuade the court that they should not have the collective power to prevent the growth of a new industry.
bigstockphoto.com
Bitflash, an Israeli company that provides digital currency trading services, has asked the Tel Aviv District Court on Sunday to order all 11 banks in the country to open a current account without credit for it, according to the Bitcoin.com website.
The company claims that the banks’ refusal to open an account for it is in violation of the law and shows lack of good faith, as some of them manage similar accounts for competing companies. According to the report, the lawsuit also raises a concern that the banks have illegally incorporated as a cartel and unjustifiably prevented the opening of the account, thus thwarting the company's activity and causing it financial damages.
In a similar case last year, Bits of Gold vs. Leumi, the Tel Aviv District Court ruled that a bank can refuse to work with a bitcoin exchange. The report suggests that by focusing on the issue of the banks operating as a cartel, the company might persuade the court that they should not have the collective power to prevent the growth of a new industry.
