Signature Bank’s customers facilitating fiat operations with Binance will not be able to make SWIFT transfers of less than $100,000, according to the crypto exchange.
“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 USD as of February 1st, 2023,” a Binance spokesperson said in an emailed statement to Decrypt.
“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.”
Signature Bank steps back from crypto
Signature Bank has been hit hard by the recent turmoil in the crypto industry, as per its latest fourth-quarter filing.
In the final quarter of 2022, the firm announced a decline in customer deposits of roughly $14 billion, citing its “planned reduction in digital asset banking deposits” alongside industry-wide chaos.
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.
Source: Decrypt
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