Binance has notified its retail customer base of a possible disruption of inbound services that could halt on-ramp and off-ramp bank payment transfers.
This service disruption will affect 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. After February 1, 2023, until another solution is found, you will not be able to use your bank account to buy or sell cryptocurrencies worth less than US$100,000 in USD via SWIFT. 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.
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 partner involved is Signature Bank. according to In a Jan. 21 report by Bloomberg. Bloomberg said it has set a minimum transaction limit of $100,000 to reduce its exposure to the digital asset market.
Suspension of payment services was not a decision of Binance, but the trading platform recently stopped transferring money.
Binance recently Suspension of Solana-based USDT and USDC Received on November 17th.
while exchanging Suspended Ether (ETH) and Wrapped Ether (wETH) Deposits and withdrawals in about 10 days Ahead of the Ethereum merge.
Update Jan 22 12:50am UTC: Added Bloomberg statement.
