Binance’s SWIFT banking partner will ban US dollar transfers below $100,000

Binance has knowledgeable its retail consumer base of a possible deposit service outage that would cease incoming and outgoing financial institution fee transfers.

The service interruption will have an effect on customers of US greenback financial institution accounts who want to purchase or promote cryptocurrencies for lower than USD 100,000 via the SWIFT fee system. The discontinuation will take impact on February 1.

Binance introduced the information to its customers by way of e-mail on Saturday, January 21, highlighting that they’re now “actively looking for” a brand new SWIFT (USD) accomplice to keep away from service interruptions on future financial institution transfers.

The cryptocurrency change added that this was a call of the banking accomplice and that Binance wouldn’t be the one platform affected by such a change:

“That is the case for all of their shoppers who function a cryptocurrency change. Please word that till we’re capable of finding an alternate resolution, chances are you’ll not have the ability to use your checking account to purchase or promote US greenback cryptocurrencies via SWIFT with a worth of lower than USD 100,000 after February 1, 2023.”

Nevertheless, Binance has confused that clients will nonetheless have the ability to use their credit score or debit playing cards to purchase or promote cryptocurrencies, and that Funds to or from third-party exchanges will proceed to be processed.

Letter despatched to Binance customers on January 21. Supply: Binance

The platform added that SWIFT-based transfers would nonetheless be accessible for non-US greenback financial institution transfers, reminiscent of euro transfers.

Binance confirmed that the change wouldn’t have an effect on its “Company Accounts”.

Though the discontinuation of the fee service was not Binance’s resolution, the platform has suspended transfers of late.

Binance not too long ago imposed a short lived suspension on Solana-based USDT and USDC deposits on Nov. 17.

The change too briefly suspended Ether (ETH) and wrapped-Ether (wETH) deposits and withdrawals for about 10 days earlier than the implementation of the Ethereum Merge replace.

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