Binance SWIFT $100k
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Hey Binance, You Good? Crypto Investors To Be Banned From Making Transfers Below US$100k

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The world’s largest crypto exchange Binance has informed its retail users that they will be unable to transfer amounts less than US$100,000 to and from US-dollar-held bank accounts via the SWIFT payment system.

SWIFT is a network used by large financial institutions to transmit information and instructions concerning transactions and payments around the world.

Binance said that the upcoming restrictions on deposits and transfers from US Dollar-held bank accounts were caused by a decision from an unnamed ‘banking partner’. The crypto exchange added that the banking partner was restricting access for all of its “crypto exchange clients,” however at the time of writing no other major exchanges have made any announcements regarding deposits on SWIFT.

“This is the case for all of their crypto exchange clients. Please be advised that until we are able to find an alternative solution, you may not be able to use your bank account to buy or sell crypto with USD via SWIFT with a value of less than $100,000 USD after February 1st, 2023.”

Binance

The news was announced to Binance users in an email sent out on January 21, with the exchange saying now claiming that they are actively seek a new SWIFT partner to avoid future disruptions. Binance clarified that the change wouldn’t impact “corporate accounts”.

Binance’s email to users on January 21.

Binance did however stress that customers would still be able to use their credit or debit card to buy or sell cryptocurrencies, and that payments to or from third-party exchanges would still be processed.

Even though Binance chose not to name the banking partner in the email, a recent report from Bloomberg shows that the partner in question is the Chicago-based Signature Bank. Bloomberg clarified that Signature Bank imposed the new limit of US$100,000 in a bid to distance itself from the digital asset industry in the wake of the FTX collapse.