Signature Bank Halts SWIFT Transactions
According to the crypto exchange, Signature Bank customers who facilitate fiat operations with Binance will be unable to make SWIFT transfers of less than $100,000.
“As of February 1st, 2023, one of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than 100,000 USD,” a Binance spokesperson said. “As a result, some individual users may be unable to use SWIFT bank transfers to buy or sell crypto for amounts less than $100,000 USD.”
SWIFT is a massive messaging system that enables banks and other financial institutions all over the world to send and receive encrypted information, specifically cross-border money transfer instructions.
Signature Bank serves only 0.01% of Binance’s monthly users. Other Binance banking partners were not affected, according to the exchange, which also stated that it is “actively working to find an alternative solution” for affected users.
“Furthermore, all other Binance functions are unaffected by this change, and all users can continue using their accounts. Notably, buying and selling crypto with credit or debit cards, using one of the other fiat currencies supported by Binance , and our Binance P2P marketplace will continue to operate normally,” said a spokesperson for Binance.
(With inputs from Shikha Singh)
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