Signature Bank Restricts SWIFT Transfers on Binance to $100,000 and Above

1: signature bank and binance were involved in a recent announcement regarding the fiat operations of the crypto exchange. according to binance, customers of signature bank facilitating fiat operations with the exchange will not be able to make swift transfers of less than $100,000. swift is a messaging system that allows banks and other financial institutions to send and receive encrypted information.

2: the announcement was made on february 1st, 2023. signature bank has been hit hard by the recent turmoil in the crypto industry, as per its latest fourth-quarter filing. last quarter, markets were rocked by the high-profile collapse of ftx and a suite of legal charges against the exchange’s disgraced founder, sam bankman-fried. on january 24, 2022, the nasdaq-listed stock traded at more than $314.

3: the decision was made due to signature bank’s “planned reduction in digital asset banking deposits” alongside industry-wide chaos. only 0.01% of binance’s monthly users are served by signature bank. binance noted that other banking partners have not been affected and users can continue using their accounts. binance is looking for an alternative solution for affected users.

By Evey Lovelace

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