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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.
“Furthermore, all other Binance functions are unaffected by this change, and all users can continue using their accounts. Notably, buying and selling crypto using credit or debit cards, using one of the other fiat currencies supported by Binance (including Euros) and our Binance P2P marketplace will continue to operate as usual,” added Binance’s spokesperson.
Decrypt didn’t immediately hear from Signature Bank after reaching out for additional comment.
Signature Bank has been hit hard by the recent turmoil in the crypto industry, as per its latest fourth-quarter filing.
In the final quarter of 2022, the firm announced a decline in customer deposits of roughly $14 billion, citing its "planned reduction in digital asset banking deposits" alongside industry-wide chaos. Last quarter, markets were rocked by the high-profile collapse of FTX and a suite of legal charges against the exchange's disgraced founder, Sam Bankman-Fried.
Despite a hefty rally year-to-date, with Signature Bank stock (SBNY) rising from $113 on January 3 to $127 on January 20, the past year has been brutal for the bank.
On January 24, 2022, the NASDAQ-listed stock traded at more than $314.
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