Binance’s SWIFT Banking Partner to Disable Support for Transactions Bellow $100K

  • One of Binance’s banking partners, Signature Bank, will no longer support SWIFT transactions of less than $100,000 starting 1 February.
  • The exchange assured users it was actively looking for a new SWIFT USD banking partner, and that clients could still use credit/debit card payments and other fiat currencies.
Binance CEO Changpeng Zhao

Binance CEO Changpeng Zhao. CryptoMonedaseICOs

Retail customers of the largest crypto exchange in the world, Binance, may soon experience a disruption in the on and off-ramp bank payment transfers in USD, the company said in an email sent to its customers on 21 January.

According to the announcement, Signature Bank — one of Binance’s banking partners — has warned that it would no longer support “SWIFT fiat (USD) transactions for individuals of less than 100,000 USD”. The service disruption will not only impact Binance, but all other crypto exchange clients of Signature, with the bank implementing its new crypto policy starting 1 February.

The crypto exchange noted that only 0.01% of its average monthly users were services by Signature, and that it is now “actively seeking” a new SWIFT banking partner for USD in order to avoid service disruption for future bank payment transfers. Binance also confirmed that the bank’s new policy will have no impact on its “Corporate Accounts”, and that all users can continue buying and selling crypto using credit or debit cards, as well as all the other fiat currencies that the exchange supports.

Back in December, Signature Bank — which was among the most crypto friendly banks on the market — said it was seeking to reduce its deposits tied to cryptocurrencies between by $8 billion to $10 billion. In September of last year, roughly 23.5% of Signature’s total deposits came from the crypto industry, but the collapse of FTX — which was a client of the bank — and other companies caused its shares to go down by almost 20% in November.

Discussion
Related Coverage
Binance Enables Institutions to Trade Using Cold Storage Assets
  • The new product from Binance Custody will allow institutional clients to trade in the Binance ecosystem using assets from their cold-storage accounts.
  • Called Binance Mirror, the off-exchange settlement solution has already attracted the attention of institutional investors, accounting for more than 60% of all assets secured on Binance Custody.
January 16, 2023, 6:03 PM
cz

Binance CEO Changpeng Zhao. CoinDesk

North Korean Hackers Move 41,000 ETH Stolen From Harmony
  • North Korea’s Lazarus Group has moved around $63.5 million of crypto assets connected to the Harmony bridge hack over the weekend.
  • The hackers tried to move a portion of the funds through Binance and Huobi, but the exchanges were able to freeze their account and recover around 124 BTC.
Binance Expands “Pay” Feature to U.S. Customers
  • Binance.US mobile app users will now be able to instantly transact with almost 150 cryptocurrencies with zero gas or transaction fees, while the web version will come in the “near future”.
  • The “Pay” feature was first introduced in February 2021, but was available only to users of Binance’s global exchange, and was one of the most requested features in the U.S. since.