Sirwin
Sirwin

Signature Bank imposed restrictions from 1 Feb for SWIFT transfers


Dear Readers, 

Having after the announcement of the US based Signature bank's plan to scrap around USD 10 million deposits from the Crypo assets, which seemed to be keep away from the Crypto market following the probable fear of the FTX crypto exchange collapse, now it has come up with an announcement that from 1st of next month ( i.e 1st Feb 2023), this will no longer support any of its crypto exchange customers with buying and selling amounts via SWIFT payment system of less than 1,00,000 USD.

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The global largest crypto exchange Binance said in a statement via Bloomberg News that Signature Bank will only handle user transactions of more than $100,000 as the bank decreases its exposure to digital-asset markets. This will be applicable to all the crypto exchange clients. This will be resulted in which the users can not use SWIFT bank transfers to trade Crypto for the amount less than USD 1,00,000.

To handle the situation with an effective way, Binance is seeking a new SWIFT (USD) partner in order to avoid any service interruptions. Binance anticipated that the Corporate Account clients will not be affected by this announcement and that no other banking partners are impacted.

A SWIFT transfer, also called an international money transfer, is a secure and standardized method of sending or receiving money from banks anywhere in the world. Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a member-owned cooperative that provides safe and secure financial transactions for its members.

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