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Cutebwoy:
A global platform for the cryptocurrency exchange stops its operations in Iraq and several countries
{Economic: Al Furat News} The Binance platform, one of the largest digital currency exchanges in the world, has announced that it has stopped supporting direct bank deposit and withdrawal from banks in US dollars (SWIFT) in a number of countries.
SWIFT is the short name for The Society for Worldwide Interbank Financial Telecommunication, a communications and messaging system on a worldwide network of financial institutions.
The platform enumerated the list of countries in which this step would be prevented, the most prominent of which were countries in the Middle East and North Africa, namely:
Iran,
Iraq,
Lebanon,
Libya,
Morocco,
the Palestinian Territories – West Bank / Gaza,
Saudi Arabia, and
Syria.
It also mentioned 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 through a client-to-client (P2P) feature.
Founded in 2017, Binance has consistently been ranked as the world’s best cryptocurrency exchange by 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.
A global platform for the cryptocurrency exchange stops its operations in Iraq and several countries
Source: Dinar Recaps
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