Binance’s Signature Bank Bans Crypto Trading Transfers Under $100,000
The world’s largest cryptocurrency exchange, Binance, has announced that some users would no longer be able to use SWIFT bank transfers for crypto transactions under $100,000 due to issues with one of its partner banks. In an email, Binance informed some of its users that they would no longer be able to complete SWIFT transfers of less than $100,000 after February 1st. Binance explained that the decision was due to its banking partner. Binance clarified all users looking to buy or sell crypto under $100,000 via the SWIFT payment system had been affected. However, customers can still use their credit or debit cards to buy or sell cryptocurrencies. Because the new decision was reached by the bank and not Binance, every other trading platform using Signature Bank to process SWIFT transfers would similarly be affected. Confirming that 0.01% of the exchange’s average monthly users are serviced by Signature Bank, Binance says it is “actively working” to find an alternative solution for the SWIFT USD situation. Binance also explained that no other banking partners are impacted. The exchange adds that this change will not affect all Corporate Account clients, only retail client accounts. The banking partner, Signature, has reportedly been reducing its exposure to crypto, as traditional financial institutions protect themselves from crypto contagion. Read about Binance’s new institutional client service below: More on the exchange’s expansion in:Minimum SWIFT Transfer on Binance Now $100k
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Read more: https://dailycoin.com/binances-signature-bank-bans-crypto-swift-transfers-under-100000/
Text source: DailyCoin.com
