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.

Related Coverage
Binance Sells Russian Business, to Exit Country
  • The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
  • Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
September 27, 2023, 12:15 PM


Binance to Suspend Debit Card Services in Latin America and Middle East
  • The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
  • Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
Binance Shuts Down Connect Crypto Payment Platform
  • A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
  • Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.