Binance’s retail customers will face incoming service disruption on February 1 that would affect on and off-ramp bank payment transfers. Users of US dollar-held accounts seeking to trade cryptocurrencies for less than $100,000 via SWIFT payment system will be impacted.
The crypto exchange is now actively seeking a new SWIFT (USD) partner to avoid service disruptions for future bank payment transfers. Binance said it was their banking partner’s decision and it wasn’t the only platform to be affected. Crypto exchange clients have taken a hit. Binance told users that until the platform finds an alternative solution, they may not be able to use their bank account to buy and sell with USD through SWIFT with a value less than $100,000 USD after February 1 of 2023.
The platform said customers would still be able to use their credit or debit card to buy and sell cryptocurrencies. Payments to or from third-party exchanges would be processed. SWIFT-based transfers would remain operational for non-USD bank transfers like Euro. Binance said their Corporate Accounts will not be affected.
The banking partner that is being highlighted here is Signature Bank. It has set the minimum transaction limit of $100,000 to decrease its exposure to the digital asset market.
