No more USD transfers using SWIFT for Binance customers in multiple countries 🚨 \ stacker news ~bitcoin

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(Beginning Feb 1st, and only for amounts under $100,000)

Source:

What is going on with @binance and USD withdrawals/deposits??

**multiple confirmations that they've been cutoff/limited from the SWIFT network. @MikeBurgersburg

https://twitter.com/AP_Abacus/status/1616914886402899970 [Nitter]

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25 sats \ 3 replies \ @nullama 22 Jan 2023

It is really crazy to think that they don't allow you to move your own money

25 sats \ 1 reply \ @satcat 22 Jan 2023

It's not your money

0 sats \ 0 replies \ @247bf84fda 25 Aug freebie

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0 sats \ 0 replies \ @247bf84fda 25 Aug freebie

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0 sats \ 5 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]

1 sat \ 3 replies \ @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.

0 sats \ 1 reply \ @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]