April 21, 2024

Binance partner to ban SWIFT transfers under $100,000

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Binance partner to ban SWIFT transfers under $100,000

Signature Bank, banking partnercrypto exchange Binance prohibits SWIFT transfers in dollars in amounts less than $100,000. Binance clarified that debit and credit card payments will continue to be accepted.

Changing the operation of the service will have an impact onusers who have bank accounts in dollars and who want to buy or sell cryptocurrencies worth less than $100,000 using the SWIFT system. The innovation will come into force on February 1, 2023.

Payments in currencies other than the US dollar, allwill also be made via SWIFT. Just in case, the platform warned users about possible problems with the receipt of money, which may result in suspension or refusal of bank transfers. 

Now the exchange is actively looking for a new partner fordollar transfers to avoid problems in the future. Representatives of Binance assure that the decision of Signature Bank affected not only this crypto exchange, but also other market participants.

Until relatively recently, large cryptocurrencythe companies were happy to entrust their assets to Signature Bank. At the beginning of 2021, deposits of cryptocurrency companies reached almost 16% of the bank’s total deposits. Clients are provided with a payment platform on the Signet blockchain.