Binance Users Affected by SWIFT Stoppage

Binance sent an email to inform users that all SWIFT transfers less than $100,000 will no longer be possible after February 1.

The email sent to users on January 21 explained the decision stems from Signature Bank, a banking partner, and that the world's largest exchange is seeking out a new partner to help facilitate payments.

The news also caused a stir on social media in the hours after the release as the move looks like it will affect the millions of crypto users that Binance serves. Binance confirmed to Bloomberg that “0.01% of our average monthly users are serviced by Signature Bank.”

The move is not an outright ban on crypto transactions from SWIFT, but rather it appears that Signal Bank will cease operations. The announcement is a major hindrance to Binance users as it cuts off access to a major transaction service provider.

The demand Binancians place on the market as the largest crypto exchange in the world would indicate that another bank should be open to processing the transfers through Binance.

Signature is the only bank involved in the decision and Binance confirmed no other partners were affected.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

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