Binance Banking Partner forbids crypto-trading transfers under $ 100,000-Exchanges

Customers of one of the banks that enable Fiat operations with Binance will not be able to act crypto by swift transfers of less than $ 100,000. The transaction minimum, which aims to reduce the risk of digital assets, is introduced by the financial institution in February.

bank that works with Binance, transaction minimum of $ 100,000 for crypto dealers

A bank that serves some customers in the world's largest cryptocurrency exchange Binance will only process customer transactions over $ 100,000 from February day. As part of the lender's decision, the new minimum amount will be imposed on limiting its commitment to the markets for digital assets.

"One of our Fiat-Banking partners, Signature Bank, has announced that from February 1, 2023, he will not support any of his crypto exchange customers with purchase and sales amounts of less than $ 100,000. As a result, some individual users may not use Swift bank transfers to buy or sell crypto with/for USD for amounts of less than $ 100,000.

The measure affects retailers with accounts that are supervised by Signature and the stock exchange customers that they are actively looking for a new partner for Swift transfers in US dollars. Swift is the most widespread global system for inter -bank transfers.

Only 0.01 % of the monthly users of Binance are served by Signature Bank and no other bank partners are affected, the crypto company pointed out this by a speaker. Card payments and non-USD transfers are not affected.

The message comes after the Signature Bank based in New York announced in December that it is planning to dismantle up to $ 10 billion in deposits from digital-asset customers if it withdraws from the crypto industry. The move was announced afterwards one of the one of the Main competitor of Binance, who applied for insolvency protection in November for liquidity problems.

Traditional financial companies were recorded in a turbulent year for the crypto room with falling prices and a number of crashes of contagion fears. Silvergate capital The parent company of the Californian Silvergate Bank involved, a loss of equity of 40 %after customers had withdrawn over $ 8 billion in deposits in digital assets in the fourth quarter of 2022.

The shares of signature fell by 64 %last year, the report says. His decision comes after the US Federal Deposit Insurance Corporation (FDIC) issued a warning of risks related to crypto-assets. Business models that concentrate on crypto-related activities or expose the crypto-asset market are raising security and solidity concerns, the regulatory authority said in a statement published in early January.

What do you think of the Signature Bank's decision to introduce a transaction minimum for crypto -related transfers? Let us know in the comment area below.

lubomir Tassew

lubomir Taskensev is a journalist from the technically experienced Eastern Europe, to the Hitchen's quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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