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Binance’s SWIFT Banking Partner Bans US Dollar Transfers Less Than $100,000

Delbert Williams IIBy No Comments2 Mins Read

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Binance has notified its retail customer base of a possible disruption to incoming services that could halt on-ramp and off-ramp bank payment transfers.

This service disruption affects users with US dollar holding bank accounts looking to buy or sell cryptocurrencies for less than $100,000 via the SWIFT payment system. The suspension he will take effect on February 1st.

Binance announced the news to “Binancians” via email on Jan. 21, highlighting that it is “actively seeking” new SWIFT (USD) partners to avoid future disruptions to bank wire transfers. Did.

The crypto exchange added that this is the decision of its banking partners and that Binance is not the only trading platform affected by the change.

“This applies to all crypto exchange clients. From 1st February 2023, you will not be able to use your bank account to buy or sell cryptocurrencies worth less than 100,000 USD in USD via SWIFT until an alternative solution is found. Please be aware that it may not be possible.”

However, Binance stressed that customers will still be able to buy and sell cryptocurrencies using credit or debit cards, and that payments to and from third-party exchanges will continue to be processed.

Binance letter to Binance retail users on January 21st. Source: Binance.

The cryptocurrency exchange added that SWIFT-based transfers will continue to operate against non-US dollar bank transfers such as euros.

Related: Binance suspends trader’s account after complaints on Twitter

Binance has confirmed that this change will not affect “corporate accounts.”

The banking partners involved are the undersigned banks, Bloomberg reported on Jan. 21. Bloomberg said it has set a minimum transaction limit of $100,000 to reduce its exposure to the digital asset market.

The suspension of payment services was not Binance’s decision, but the trading platform recently stopped sending money.

Binance recently temporarily suspended Solana-based USDT and USDC deposits on November 17th.

The exchange also temporarily suspended deposits and withdrawals of Ether (ETH) and Wrapped Ether (wETH) for about 10 days prior to the Ethereum merge.

Update Jan 22 12:50am UTC: Added Bloomberg statement.