Binance Banking Partner to Ban Crypto Trading Transfers Under $100K

Binance Banking Partner to Ban Crypto Trading Transfers Under $100K Binance Banking Partner to Ban Crypto Trading Transfers Under $100K  0

Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through SWIFT transfers of less than $100,000. The transaction minimum, aimed at reducing exposure to digital assets, will be introduced by the financial institution in February.

Bank Working With Binance Sets $100,000 Transaction Minimum for Crypto Traders

A bank serving some clients of the world’s largest cryptocurrency exchange, Binance, will only process customer transactions exceeding $100,000, starting from the first day of February. The new minimum will be imposed as part of the lender’s decision to limit its exposure to digital-asset markets.

“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 as of February 1, 2023. This is the case for all of their crypto exchange clients,” Binance said in a statement shared with Bloomberg on Saturday, elaborating:

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.

The measure concerns retail traders with accounts serviced by Signature and the exchange assured customers it’s actively seeking a new partner for SWIFT transfers in U.S. dollars. SWIFT is the most widely used global system for interbank transfers.

Only 0.01% of Binance’s monthly users are serviced by Signature Bank and no other banking partners are impacted, the crypto company pointed out through a spokesperson. Card payments and non-USD transfers will not be affected.

The news comes after in December the New York-based Signature Bank revealed it plans to shed up to $10 billion in deposits from digital-asset clients as it’s pull back from the crypto industry. The move was announced in the aftermath of the collapse of FTX, one of Binance’s main competitors which filed for bankruptcy protection in November amid liquidity issues.

Traditional financial companies have been gripped by contagion fears during a turbulent year for the crypto space, with falling prices and a number of crashes. Silvergate Capital, the parent company of California-based Silvergate Bank which deals with crypto transactions, saw its shares losing 40% after customers withdrew over $8 billion of digital-asset deposits in Q4, 2022.

Signature’s shares fell 64% last year, the report notes. Its decision comes after the U.S. Federal Deposit Insurance Corporation (FDIC) issued a warning regarding risks associated with crypto assets. Business models focused on crypto-related activities or exposed the crypto-asset market raise safety and soundness concerns, the regulator said in a statement released in early January.

Tags in this story Bank, banking partner, Binance, Crypto, crypto assets, crypto exchange, crypto traders, Cryptocurrencies, Cryptocurrency, Cryptocurrency Exchange, Exchange, minimum, Signature, Signature Bank, Swift, transactions, transfers, USD

What do you think about Signature Bank’s decision to introduce a transaction minimum for crypto-related transfers? Let us know in the comments section below.

Binance Banking Partner to Ban Crypto Trading Transfers Under $100K  1 Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Binance Banking Partner to Ban Crypto Trading Transfers Under $100K  2 Binance to Increase Presence in Poland in Compliance With Local Regulations EXCHANGES | 3 days ago Binance Banking Partner to Ban Crypto Trading Transfers Under $100K  3 Bitzlato Exchange Busted as US Deals ‘Blow to Crypto Crime,’ Arrests Owner EXCHANGES | 4 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons, Primakov /

Previous article

NFT Market Sales Climb 16% Higher; 43.48% Increase in Buyers in Third Week of 2023

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Binance Banking Partner to Ban Crypto Trading Transfers Under $100K  4

Ripple CEO: SEC Lawsuit Over XRP ‘Has Gone Exceedingly Well’

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP “has gone exceedingly well.” He stressed: “This case is important, not just for Ripple, it’s … read more.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design


Updated: 01/22/2023 — 17:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme