Hapoalim Bank, a leading Israeli bank, recently filed a defense letter to deny the claims of Esther Freeman (69 years old), to deposit $320k of profit she earned from a $3,000 Bitcoin purchase nearly nine years ago.
A Thursday report from a local media outlet claims that the bank insists on denying the deposit because digital currencies are being used to facilitate money laundering or terrorist financing.
Hapoalim Bank Rejects 320k Crypto Profits Deposit
Freeman had filed a lawsuit against the bank in November 2021. He demanded that the bank declare that the source money used in Bitcoin was “known, clear and supported by references.”
The bank stated that it was difficult to track the money trail in relation to Freeman’s 2013 crypto purchase. The bank stated that it was unable to establish a connection between Freeman’s purchase of bitcoins in 2013 and the time she transferred the funds to her account.
The bank stated that only in cases where funds were used to purchase virtual currency and proceeds went out of the same account, can receipt be confirmed. If this happens, the plaintiff does not meet this condition.
Hapoalim pointed out that there is not enough evidence to support the purchase of Bitcoins by Freeman, who did not purchase the cryptocurrency from an exchange registered in his name but rather from a private individual with cash.
Failing to provide references
The new report states that the plaintiff “failed to present actual references regarding the purchase price for the virtual currency.”
The bank also noted that the Bank of Israel, Israel’s financial regulator, had ordered banks not to accept funds from crypto transactions at the time of purchase.
Hapoalim Bank claimed that it shouldn’t be forced to deposit funds obtained through cryptocurrency transactions for the above reasons.
Freeman’s lawyer responded that it was very disappointing to learn that Bank Hapoalim had decided to wage war against its long-term customer, a pensioner whose only desire was to receive in her account money that belonged to her and originated from digital coins she purchased many years ago.
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