Signature Bank reducing crypto exposure, Binance clients transferring less than $100,000 to be impacted
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Binance, one of the world’s largest cryptocurrency exchanges, announced that the New York-based Signature Bank would handle transactions from its users only if it exceeds $100,000. This move comes as the bank decreases its exposure to digital-asset markets. Accordingly, users may need to use SWIFT bank transfers to buy or sell cryptocurrency for amounts less than $100,000. Signature Bank tightens rules for Binance transactions The retail customer base of Binance has been made aware of a potential impending service outage that could stop on- and off-ramp bank payment transfers. The world’s largest crypto exchange stated that this was the banking partner’s choice
Binance noted that Signature Bank only services 0.01% of its monthly average users. The exchange also stated that its other banking partners were not impacted by Signature’s decision. Cryptocurrency exchange Binance announced that its SWIFT partner Signature Bank will begin blocking USD transfers lesser than $100,000. Binance made this note…