Signature Bank Halts SWIFT Transactions Under $100,000 for Crypto Users, Says Binance

Binance’s banking partner Signature Bank will reportedly no longer support SWIFT transactions of less than $100,000.

Signature Bank’s customers facilitating fiat operations with Binance will not be able to make SWIFT transfers of less than $100,000, according to the crypto exchange.

“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 1st, 2023,” a Binance spokesperson said in an emailed statement to Decrypt. “As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD."

SWIFT is a vast messaging system that allows banks and other financial institutions from all around the world to send and receive encrypted information, namely cross-border money transfer instructions.

Only 0.01% of Binance's monthly users are served by Signature Bank. Other Binance banking partners have not been affected, the exchange noted, adding that it is “actively working to find an alternative solution” for affected users.

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