Signature Bank, Binance's banking partner, has announced it will stop processing USD SWIFT payments from exchange users under $100,000.
The organization reportedly wants the move to reduce the impact of the digital asset market on its business.
Binance has said:
"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 as of February 1, 2023. This is the case for all of their crypto exchange clients. As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with\/for USD for amounts less than 100,000 USD."
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A Binance representative has noted the restrictions will not affect other banking partners in the SWIFT system. He has also highlighted that Signature Bank "serves 0.01% of the average monthly platform users," and that the company is "actively working to find an alternative solution."
Some users have previously reported receiving an email from the exchange warning of these restrictions.