Binance says it is "actively seeking" to find a new SWIFT partner.
Binance, the largest cryptocurrency exchange in terms of daily trading volumes, has revealed that its banking partner, Signature Bank, will no longer process transactions worth less than $100,000.
According to the letter sent to Binance retail customers, the changes in Binance services are set to impact all users of US Dollar-held bank accounts that are planning to purchase or sell crypto for less than $100,000 through the SWIFT system. The changes will take effect on February 1st.
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This is the case for all of their crypto exchange clients. Please be advised that until we are able to find an alternative solution, you may not be able to use your bank account to buy or sell crypto with USD via SWIFT with a value of less than $100,000 USD after February 1st, 2023.
In the letter, Binance highlighted that it is not the only crypto exchange impacted by such a decision. Based on the Bloomberg report, with the move, Signature Bank aims to minimize its exposure to the digital asset market.
The cryptocurrency exchange claims that it is “actively seeking” to find a new SWIFT (USD) partner to allow customers to complete transactions regardless of their amount.
Binance emphasized that its customers can still use their credit or debit cards as well as bank transfers to purchase desired cryptocurrencies. It is worth noting that transactions must be completed in other currencies supported by Binance, including Euro, Chinese Yuan, and Australian Dollar.
On top of that, Binance emphasized that its P2P marketplace will continue to operate as usual.
In other Binance-related news, the United States Financial Crimes Enforcement Network (FinCEN) has recently named Binance as one of the top three “receiving counterparties” of Bitzlato Bitcoin (BTC) transactions.