The world’s largest crypto trading platform is facing yet another challenge. BinanceUSA-based bank Signature Bank’s new transfer limit prepared to cut the connection with the crypto industry, informed its users in an email.
According to the message, Signature Bank has increased the minimum money transfer limit to relevant exchanges to $100,000 to make it harder for its customers to do crypto-related.
“Signature Bank, one of our fiat banking partners, announced that as of February 1, it is cutting support for crypto exchanges for transfers under $100,000. As a result, our customers who want to transfer money from this bank to Binance may not be able to complete their transactions in the next month.”
Binance underlined that other banks are not affected by this situation.
“Crypto Crisis” Panic in Banks
in the past months cryptocurrency Due to the bankruptcy situation in the sector, customers of some banks panicked and withdrew their money. Especially banks that have close relations with the crypto sector such as Signature and Silvergate have been negatively affected by this situation.
According to the report, customers withdrew $8 billion worth of digital assets from banks in the last quarter of the year. As a result of the situation, Signature Bank’s stock traded on the NASDAQ stock market lost 64% in one year.
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