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No more USD transfers using SWIFT for Binance customers in multiple countries 🚨
238 sats \ 5 comments \ @cryptocoin 21 Jan 2023 bitcoin
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25 sats \ 1 reply \ @nullama 22 Jan 2023
It is really crazy to think that they don't allow you to move your own money
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25 sats \ 0 replies \ @satcat 22 Jan 2023
It's not your money
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0 sats \ 2 replies \ @cryptocoin OP 21 Jan 2023
From a reply to that thread:
Likely Silvergate or Signature limitating business. Not sure which one is their bank, but Signature signalled (lol) they'd be limiting their crypto business from now on and this could be the beginning. Could also be to avoid on/offramping retails for regulation fears (lil late)
https://twitter.com/0xGeeGee/status/1616916603383193606 [Nitter]
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1 sat \ 1 reply \ @cryptocoin OP 22 Jan 2023
Confirmed ... it is Signature Bank that made the change.
“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 1, 2023. This is the case for all of their crypto exchange clients.
No other banking partners are impacted, a Binance spokesperson said.
So Binance isn't the only exchange that uses Signature Bank. Expect announcements from other exchanges soon.
But Binance has relatively very few customers that are using Signature Bank:
Binance said it’s “actively working to find an alternative solution,” in the statement. And that “0.01% of our average monthly users are serviced by Signature Bank.”
Binance Says Signature Sets Transaction Minimum Amid Pullback https://www.bloomberg.com/news/articles/2023-01-22/binance-says-signature-sets-transaction-minimum-amid-pullback [Archive]
If I could edit the title of this post I would, to indicate this affects "some" customers.
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0 sats \ 0 replies \ @cryptocoin OP 22 Jan 2023
See also another post, found here on SN, where that Bloomberg article was shared:
Binance Says Signature Sets Transaction Minimum Amid Pullback #125334 https://www.bloomberg.com/news/articles/2023-01-22/binance-says-signature-sets-transaction-minimum-amid-pullback [Archive]
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