Binance, one of the largest cryptocurrency exchanges in the world, has announced that it has stopped supporting direct bank deposit and withdrawals from banks in US dollars (SWIFT) in a number of countries.
SWIFT is the acronym for The Society for Worldwide Interbank Financial Telecommunication, a communications and messaging system on a worldwide network of financial institutions.
The platform enumerated a list of countries in which this step would be prohibited, and the most prominent of them were countries in the Middle East and North Africa, namely:
Iran
Iraq
Lebanon
Libya
Morocco
Palestinian Territories - West Bank / Gaza
Saudi Arabia
Syrian Arab Republic.
As mentioned by more than 60 other countries in various countries of the world, including:
Afghanistan
Brazil
Indonesia
North Korea
Mauritania
Mauritius
Mexico
Myanmar
Pakistan
Russia
South Sudan
Sudan (North)
The platform said that this procedure starts from November 19, without explaining the reason for taking this step.
This procedure means that cryptocurrency investors on the platform will not be able to buy or sell through their bank accounts, while keeping the assets traded via a client-to-client (P2P) feature.
Founded in 2017, Binance has consistently been ranked as the world's best cryptocurrency exchange in terms of volume while being at the center of events in the cryptocurrency market last year, according to a report by Forbes Middle East.
Binance explains P2P as a broker in trading by providing a platform for buyers and sellers to post their offers. At the same time, as an online digital asset escrow service to protect digital assets and ensure their delivery during the execution of the trade.
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