Binance banking partner to ban USD transfers under $100K
Signature Bank, Binance banking partner, has decided to ban SWIFT transfers under $100K. The new rule will come into force on February 1, 2023.
This decision will affect users of U.S dollar-held bank accounts who are looking to sell or buy cryptocurrencies for less than one hundred thousand dollars via the SWIFT system. Payments in other currencies will still be available via SWIFT.
The crypto exchange has informed its customers about possible problems in the operation of the system, as a result of which bank transfers may be cancelled or suspended.
Binance is actively looking for a new banking partner for USD transfers in order to avoid possible problems. According to the representatives of Binance, Signature Bank made such a decision not only in relation to this exchange, but also for other crypto exchanges. They also stressed that only 0.01% of Binance’s monthly users were serviced by Signature Bank.
Signature Bank explained this decision by the desire to distance itself from the crypto sphere and reduce risks. The decline in the crypto market and the bankruptcy of FTX had a serious negative impact on the company. Over the past year, the stock price has fallen by 60%. In Q4 last year, the bank’s net loss exceeded $1 billion. This year, the company plans to shed up to $10 billion in deposits from digital-asset clients.
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