Binance resumes accepting dollar deposits via SWIFT
Cryptocurrency exchange Binance today notified customers that they can again make deposits in dollars through the international interbank system SWIFT. Withdrawals via this route will be resumed at a later date.
Deposits credited in dollars via SWIFT to the accounts of Binance customers will come in the form of the exchange's own BUSD stabelcoin at a rate of 1 to 1 minus commissions, if any.
Binance resumes accepting dollar deposits via SWIFT
In June, Binance announced that it would no longer be able to conduct dollar transactions via SWIFT through Silvergate Bank, which worked with it.
"We want to assure you that we are working on an alternative solution for USD transactions," the exchange wrote at the time, adding that deposits sent through SWIFT would be returned to customers' bank accounts.
The problems with fiat transactions on Binance began this summer, after a number of global regulators drew attention to the activity of the exchange. Since then, Binance has imposed various restrictions to ensure legal compliance, including banning derivative trading in several countries and introducing mandatory user verification. The U.K. Financial Conduct Authority (FCA) recently reported that the company has rectified its impugned violations.
How exactly Binance managed to restore support for transactions in dollars through SWIFT, the company does not specify.
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