Binance Users Will Not Be Able To Transfer Amounts Of Less Than $100,000 Via SWIFT Anymore
Binance stated that credit and debit cards would still be accepted and non-USD bank transfers would be handled via the SWIFT payment system.
Valentin
March 13, 2023
Bloomberg reported that Binance has warned its retail customers that there will be a disruption in service for transfers of U.S. Dollars from bank accounts, for amounts under $100,000, via the SWIFT payment system starting February 1.
They sent an email out on January 21 notifying “Binancians” of the situation and also announced that they are actively searching for a new SWIFT (USD) partner to avoid any further service interruptions. Multiple users on Twitter mentioned that they did not receive this email yet.
“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,” Binance said in a statement sent to Bloomberg News on Saturday.
The cryptocurrency exchange noted that the decision to halt on and off-ramp bank payment transfers for amounts under $100,000 via the SWIFT payment system was not their own, but that of their banking partner. They mentioned that this was the same for all of their crypto exchange clients.
They reminded customers that after February 1, 2023, they may not be able to use their bank account to buy or sell crypto with USD via SWIFT with a value of less than $100,000 USD. However, they stated that customers would still be able to use their credit or debit cards to buy or sell cryptocurrencies, and payments to or from third-party exchanges would still be processed.
Binance stated that SWIFT-based transfers would still be in effect for non-USD bank transfers, such as the Euro, and that the change wouldn’t affect their Corporate Accounts. This banking partner, Signature Bank, imposed the minimum transaction limit of $100,000 to reduce its exposure to the digital asset market, according to a January 21 Bloomberg report.
Despite not being the ones to call for the payment service disruption, Binance has suspended transfers in the past.
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