Binance SWIFT Partner Signature Bank to Ban USD Transactions below $100K
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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 in an email to its users on Jan 21st. The exchange quickly noted that multiple crypto exchanges using the bank were affected. According to Bloomberg, Signature Bank is looking to reduce its exposure to the crypto market. Last year, the company’s shares fell by 64%, which may be due in
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…