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Friday, March 24, 2023

Binance SWIFT Banking Partner Could Ban USD Transfers Under $100K

Binance recently informed its entire retail customer base of potential disruption in the incoming service that could halt on and off-ramp transfers through bank payments. The disruption in service will definitely impact the users of several bank accounts that hold USD where they are looking to buy or sell cryptocurrencies for under $100,000 through the SWIFT payment system. This disruption will be taking effect on the 1st of February.

The digital startup also announced the news to its followers in an email that was signed off on the 21st of January, where it stressed that it was actively seeking a new SWIFT partner in order to avoid any and all service disruptions for future bank transfers under the USD. 

Binance Might Have To Change Banking Partners

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Binance also went on to add that this was the decision of the banking partner and that the cryptocurrency exchange will not be the only trading platform that gets impacted by this transition. This would, in fact, be the case for any and all crypto exchange clients. Therefore, the cryptocurrency exchange wants all of its users to be aware that until it manages to find a different solution, it would not be able to use the bank account to purchase or sell crypto with USD via SWIFT. Nevertheless, the cryptocurrency exchange stressed that customers will still be able to utilize their credit or debit cards to sell or purchase cryptocurrencies. 

Fortunately, Binance also confirmed that the change will not be impacting most of the corporate accounts in the area. The banking partner involved is Signature Bank, according to a 21st January report by Bloomberg. The bank also set a minimum transaction limit of $100,000 in an effort to decrease the exposure to the digital asset market, as explained by Bloomberg.

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