Binance Users Can No Longer Use Swift for Transactions below $100k By CoinEdition

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Binance Users Can No Longer Use Swift for Transactions below $100k

Cryptocurrency Jan 22, 2023 05:30AM ET

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Binance Users Can No Longer Use Swift for Transactions below $100k

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Binance said its fiat partner would no longer honor bank transfers below $100,000.

The new rule will take effect from February this year.

Robinhood (NASDAQ:HOOD) has launched its Web3 Wallet to over one million users on its waitlist.

In an email sent to customers recently, Binance, the largest crypto exchange, said its fiat partner, Signature Bank (NASDAQ:SBNY), would no longer honor bank transfers below $100,000 for its users from February 1, 2023.

This new directive from Signature Bank implies that some users would be unable to use SWIFT bank transfers to buy or sell crypto through crypto exchanges for amounts less than $100,000.

A lawyer, John Reed Stark, said the action would spark more turmoil in the crypto market, urging investors to ‘get out now.’

More turmoil. More lack of transparency. More chicanery. More grift. More unregulated nonsense with no consumer protections. Please. Get. Out. Now. https://t.co/807zo15hYg
— John Reed Stark (@JohnReedStark) January 22, 2023
The post Binance Users Can No Longer Use Swift for Transactions below $100k appeared first on Coin Edition.

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Binance Users Can No Longer Use Swift for Transactions below $100k

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