Restriction From Binance’s Bank Partner: Lowers Transfers

Binance, the world’s largest cryptocurrency exchange, announced that the US-based contracted institution Signature Bank will not support the international money transfer system “SWIFT” transactions under $100,000.

According to a statement made by Binance via email to its users, Signature Bank is offering services to cryptocurrency exchange customers. 100,000 under the dollar SWIFT will not support transactions. The said limit restriction February 1 will be valid from the date of According to the bank’s statement, this lower limit transaction limit restriction It’s not just for Binance. Looks like Signature Bank, Due to the events in the crypto money industry in 2022 to digital asset markets hardens his general attitude towards it.

The following statements were included in Binance’s statement on the subject:

As of February 1, 2023, Signature Bank will no longer support any crypto exchange clients with trading amounts less than $100,000. Valid for all crypto exchange customers of Signature. However, 0.01% of our average monthly users are served by Signature Bank and we are actively working to find an alternative solution.

In the continuation of the statement made by Binance, customers can use other fiat currencies, credit card and transfer options. seamlessly It was stated that they could continue their trading transactions.

According to September 2022 data, Signature Bank, known for its proximity to the crypto money industry, $103 billion About a quarter of its total deposits came from the crypto sector. But Signature CEO DePaolo investment bank Goldman SachsIn a statement at a conference in New York hosted by .problemsBecause of this amount will be reduced below 20%. declared.

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