Signature Bank will limit USD payments to Binance.
Partner bank Signature Bank will limit exchange user payments to $100,000 (approximately €92,000)
Thus, the company wants to reduce the impact of the crypto market on its business.
“One of our fiat banking partners, Signature Bank, has announced that as of February 1, 2023, buying and selling of less than $100,000 will no longer be supported for crypto exchanges. This applies to all clients on its cryptocurrency trading platforms. As a result of the use of SWIFT transfers to buy or sell digital assets for US dollars, if the volume does not exceed the specified threshold, ”the agency quotes the company’s charges.
Also, a representative of the Binance exchange noted that these restrictions will not apply to other banking partners. He also drew attention to the fact that Signature Bank serves only 0.01% of the entire flow of exchange users.
Some users have already received an email from the exchange warning about the restrictions being introduced.
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