February 5, 2023

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 partner of the crypto exchangeBinance prohibits USD SWIFT transfers of less than $100,000. Binance has clarified that debit and credit card payments will continue to be accepted.

Changes in the operation of the service will affectusers who have bank accounts in dollars and who want to buy or sell cryptocurrencies for less than $100,000 using the SWIFT system. The change will come into effect on February 1, 2023.

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

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

More recently, large cryptocurrencythe companies gladly entrusted their assets to Signature Bank. At the beginning of 2021, the deposits of cryptocurrency companies reached almost 16% of the bank's total deposits. Clients are provided with a payment platform on the Signet blockchain.