The Binance platform, one of the largest cryptocurrency exchanges in the world, announced that it will stop supporting direct bank deposits and withdrawals in US dollars (SWIFT) in several countries. SWIFT stands for The Society for Worldwide Interbank Financial Telecommunication, which is a communication and messaging system used globally among financial institutions.
The platform listed the countries where this action will be implemented, notably including countries in the Middle East and North Africa:
- Iran
- Iraq
- Lebanon
- Libya
- Morocco
- Palestinian territories - West Bank/Gaza
- Saudi Arabia
- Syria.
Additionally, more than 60 other countries worldwide were mentioned, including:
- Afghanistan
- Brazil
- Indonesia
- North Korea
- Mauritania
- Mauritius
- Mexico
- Myanmar
- Pakistan
- Russia
- South Sudan
- Sudan (North)
The platform stated that this measure will take effect starting November 19, without clarifying the reason for this decision. This action means that cryptocurrency investors on the platform will not be able to buy or sell through their bank accounts, while they can still trade assets through the Peer-to-Peer (P2P) feature.
Binance was established in 2017 and has consistently been ranked as the top cryptocurrency exchange globally in terms of volume, especially amidst the events that affected the cryptocurrency market last year, according to a report by Forbes Middle East. Binance explains the P2P feature as a trading intermediary that provides a platform for buyers and sellers to post their offers, while also serving as a guarantee service for digital assets online to protect digital assets and ensure their delivery during trade execution.
