Major cryptocurrencies exchange Binance has resumed its deposit and withdrawal service of US Dollars via international interbank system SWIFT, the company announced on the 9th.
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a non-profit corporation that provides a communication network to enable international remittances between banks.
SWIFT connects more than 11,000 financial institutions in more than 200 countries around the world and provides remittance services to more than 4 billion financial accounts.
With the resumption of SWIFT support, customers will be able to easily transfer US dollars from their Binance account to their bank account.
Binance had previously announced that it would longer conduct dollar transactions via SWIFT through Silvergate Bank. Specific details regarding the decision were not disclosed by either party.
Binance US appoints new president
In other news, Binance has appointed a new president for its US subsidiary. The company has appointed Brian Shroder, a former strategist and business development officer at Ant Group, a subsidiary of China’s giant Alibaba. He had previously also served as Uber’s head of strategy and business development for the Asia Pacific.
Former Binance.US CEO Brian Brooks resigned in August because of “a different strategic direction.” At that time, investors were worried that Binance was being warned of regulatory violations in multiple countries other than the United States.
At the time of his resignation, The NY Times reported that Brooks had been trying to raise over $100 million in investment for the company. However, he was unable to do so due to the regulatory clampdown on Binance US.
Brian Shroder’s brother Matt Shroder has also joined the Binance family and will serve as the VP of Binance Singapore’s global market team.
Currently, exchanges such as FTX, which is led by CEO Sam Bankman-Fried, are expanding their global market share, and Binance seems to be strengthening its competitiveness in regions such as Asia by appointing personnel who have experience as executives at major companies.
