Signature Bank, the banking partner of the Binance crypto exchange, is banning SWIFT dollar transfers of less than $100,000. Binance has clarified that debit and credit card payments will continue to be accepted.
The change in the service will affect users who have bank accounts in dollars and who want to buy or sell cryptocurrencies in the amount of 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 will still 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 for dollar transfers in order 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.
Until relatively recently, large cryptocurrency companies were happy to entrust 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.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
