Oved Cohen, a 32-year-old businessman from Israel, faces criminal charges for allegedly evading taxes on 35 million shekels (US$9.5 million) from cryptocurrency trading and laundering the proceeds.

These alleged offenses occurred between 2019 and 2022, according to the Cyber Unit at the Office of the State Attorney.

Authorities claim Cohen failed to report his income accurately from cryptocurrency trading, primarily conducted on the Binance platform from 2018 to 2023.

He reportedly generated 47.6 million shekels (US$13 million) during this period but only declared 12.4 million shekels (US$3.4 million) to tax authorities.

Additionally, Cohen is accused of delaying the declaration of his business operations to regulators for over four and a half years. He also allegedly did not maintain proper accounting records and documentation.

Cohen also faces accusations of laundering US$4.6 million by converting cryptocurrency and transferring funds to foreign platforms like Nexo.